This dives into the functions of two important components in the online payment system: payment gateways and payment switches. Payment gateways act as a bridge between merchants and customers, processing payments securely and efficiently. They verify customer information, check account balances, and transfer funds to the merchant. Payment switches, embedded within payment gateways, handle the routing of transactions based on factors like bank identification, transaction amount, or time. Both play vital roles in ensuring seamless and secure online payment transactions.

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