The ACH Network, regulated by Nacha, processed an astounding $72.6 trillion in payment value in 2021, making it one of the most popular payment rails worldwide for online payments.
The most popular payment rails include Automated Clearing House (ACH), Mastercard, VISA (and other major credit card providers), PayPal, the RTP Network, blockchain, SWIFT, and SEPA. Most Popular Payment Rails (and how they work) Each payment rail differs in how it carries out this process based on the payment type, speed, technology, or geographical location. What are Payment Rails?Ī payment rail is a platform or network infrastructure that allows all digital money transfers to be made between payers and payees, regardless of country, currency, digital payment method, or whether the payer or payee is a business or consumer. as well as international payments with local currencies. Payment rails also handle payouts to social media influencers and freelancers in the U.S. But these payment systems - “payment rails” as they’re known in the financial services world - play an increasingly pivotal role in our daily business transactions and personal affairs.īusiness transactions on payment rails include supplier payments and other operating expenses and investments, including fixed assets and payroll. When you transfer money to your friend’s bank account or swipe your card at the grocery store, you’re probably not giving too much thought to the precise payment systems behind your transfer.
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