Banking Field: Do you know how Push To Card Work?

"How does Push To Card Work? How is it different from regular payments?

The diagram below shows the detailed steps.

🔹 Step 1 - The client initiates a payment request.

🔹 Step 2 - The banks or PSPs (Payment Service Providers) validate payment details and debit the client's account.

🔹 Step 3 - The transaction is sent to the card network (Visa, Mastercard).

🔹 Step 4 - The card network validates the payment details.

🔹 Step 5 - The transaction is sent to the issuing bank.

🔹 Step 6.1 - The issuing bank notifies the payment recipient and credits the recipient's account.

🔹 Steps 6.2, 7, and 8 - The payment status is returned to the card network, banks, and the client.

🔹 Step 9 - Funds are now available.

▶️ Use Cases:

• Gig economy payouts

• Payments via digital wallets

• Loyalty

• Fund disbursements

• Merchant settlements"

Author

AiUTOMATING PEOPLE, ABN ASIA was founded by people with deep roots in academia, with work experience in the US, Holland, Hungary, Japan, South Korea, Singapore, and Vietnam. ABN Asia is where academia and technology meet opportunity. With our cutting-edge solutions and competent software development services, we're helping businesses level up and take on the global scene. Our commitment: Faster. Better. More reliable. In most cases: Cheaper as well.

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