I didn't know this technology existed. I briefly saw a description about getting paid via your card. I thought I was reading the wrong thing or having a misunderstanding.
Hi.. thanks for the video! One question though - in case of google pay, how does money transfer work? for example, alice@okicici trying to send money to bob@ybl. Does it involve network schemes like rupay? also, will it qualify as push payment? what all entities will be involved in this transaction?
Quick question - As per my understanding, if we go to a Merchant website and initiates a transaction then its a Push payment. However, if i login to my bank's online portal and makes a transaction, say mobile recharge, then its a Pull Payment. Am i right?
Hi Ranjith, Going to a merchant website or POS machine, would classify as a "Pull" payment because, the Merchant would be pulling the funds from the customer's account. Whereas if the customer pushes the transaction by scanning a QR code, then it is pushing the funds to merchant's account. Logging into a bank portal and using a service (like Bill payment, or recharge) is typically an on-us transaction and generally it would classify into push transaction as the bank would debit the funds from one's account and credit it to Merchant account. Thanks
Hi Vinod, it depends on the method of Push payment. If someone is using a scheme based payment, they "may" use 8583. Please note that the actual settlement to the merchant is done by Acquirer. Settlement method is to the acquirers,.
Hi Tharindhu, In case of a Pull transaction, the merchant needs to submit the clearing file, and merchant can submit a transaction in say within 10 days, hence the lag. In case of a Push transactions, generally these are Single-Message based, where the Issuer debits the funds and pushes the transaction to the acquirer. since the nature of SMS systems, issuer can post the transaction immediately to Customer.
Beautiful video
Thank u sir
I didn't know this technology existed. I briefly saw a description about getting paid via your card. I thought I was reading the wrong thing or having a misunderstanding.
Hi.. thanks for the video!
One question though - in case of google pay, how does money transfer work? for example, alice@okicici trying to send money to bob@ybl. Does it involve network schemes like rupay? also, will it qualify as push payment? what all entities will be involved in this transaction?
You might want to watch this video "UPI - Unified Payments Interface - A Primer" ruclips.net/video/tX7oPYXWwOM/видео.html
Quick question - As per my understanding, if we go to a Merchant website and initiates a transaction then its a Push payment. However, if i login to my bank's online portal and makes a transaction, say mobile recharge, then its a Pull Payment. Am i right?
Hi Ranjith,
Going to a merchant website or POS machine, would classify as a "Pull" payment because, the Merchant would be pulling the funds from the customer's account. Whereas if the customer pushes the transaction by scanning a QR code, then it is pushing the funds to merchant's account.
Logging into a bank portal and using a service (like Bill payment, or recharge) is typically an on-us transaction and generally it would classify into push transaction as the bank would debit the funds from one's account and credit it to Merchant account.
Thanks
Please improve the audio quality. I can barely hear anything.
Hi Satish,
This push payment use ISO8583 message format to settle merchant?
Hi Vinod,
it depends on the method of Push payment. If someone is using a scheme based payment, they "may" use 8583. Please note that the actual settlement to the merchant is done by Acquirer. Settlement method is to the acquirers,.
So, mVisa is a push payment type where the payment is initiated by the acquiring bank?
Nope, the Issuer bank provides an instrument to initiate the payment.
why pull transactions take more time to settle than push transactions?
Hi Tharindhu,
In case of a Pull transaction, the merchant needs to submit the clearing file, and merchant can submit a transaction in say within 10 days, hence the lag.
In case of a Push transactions, generally these are Single-Message based, where the Issuer debits the funds and pushes the transaction to the acquirer. since the nature of SMS systems, issuer can post the transaction immediately to Customer.
@@LearnPayments very nice explanation sir
Please improve your audio quality it is very low.
Nice. But I can understand nothing. In the sense, it is more general.
Exellent video sir, Can you provide me ur email id sir if any online classes is avaiabale
You can reach out to me at learn.payments.2020@gmail.com