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The rise of contactless and digital transactions, banking apps and various payments service providers has also shaped a payments landscape that can best be described as fragmented. Might the bid for universality get a boost from PayID — and a consortium led by Ripple that is coalescing around crypto?
An EFT, or rather an Electronic Funds Transfer, is a type of digital payment between banks or banking institutions of a very broad description and is used by private individuals and businesses alike. Paypal and Venmo are good examples of P2P platforms, both of which have simplified the process of sending money.
ACH is also the technology behind most peer-to-peer money transfer services in the US, including Paypal, Zelle, Cash App, and Venmo. All banks in the network have to follow rules and guidelines set by the National Automated Clearing House Association (NACHA).
Payment gateways and merchant accounts may be merged into a single platform such as PayPal and Venmo. Payment gateways and merchant accounts work in synergy to enable credit card payments. Payment Advantages Credit cards are a mature FinTech. In
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