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NEFT, RTGS, and More The world of banking can be confusing, especially when it comes to the various terminologies used to describe different banking services. Two common banking terms you may have come across are NEFT and RTGS. In this article, we'll explain what these terms mean and how they differ from each other. NEFT (National Electronic Funds Transfer) NEFT is a payment system used in India that allows individuals and businesses to transfer funds electronically from one bank account to another. It is a secure, reliable, and fast way to transfer money between different banks. To use NEFT, you need to provide the name of the recipient, their bank account number, the name of their bank, and the bank's Indian Financial System Code (IFSC). The IFSC is a unique 11-digit alphanumeric code assigned to each bank branch in India. Once you have this information, you can initiate an NEFT transfer through your bank's internet banking or mobile banking service. NEFT transfers are pr...

What is a Swipe Machine and How Does It Work? A swipe machine, also known as a point-of-sale (POS) terminal, is a device that allows businesses to accept electronic payments from their customers using credit or debit cards. These machines are a common sight in retail stores, restaurants, and other businesses that accept card payments. A swipe machine works by reading the magnetic stripe on a credit or debit card. When a customer swipes their card through the machine, the device reads the information stored on the stripe and communicates with the payment processor to verify the transaction. If the transaction is approved, the payment is processed and the funds are transferred from the customer's account to the merchant's account. Swipe machines can also be used to accept contactless payments, such as those made with mobile wallets or contactless cards. In this case, the customer simply holds their device or card near the machine to initiate the payment, and the device uses radio...