Description: Payment verification is the process of confirming that a payment transaction is legitimate and authorized. This procedure is fundamental in the realm of e-commerce, where transactions are conducted digitally and often without the physical presence of the buyer. Payment verification involves validating the information provided by the user, such as credit card details, the authenticity of the payment method, and the availability of funds. This process not only protects merchants from fraud but also assures consumers that their transactions are secure. Key features of payment verification include the use of encryption technologies, two-factor authentication, and fraud detection systems. The relevance of this process lies in its ability to foster trust in e-commerce platforms, which in turn drives the growth of digital commerce. Without robust payment verification, consumers may hesitate to make online purchases, negatively impacting businesses that rely on these transactions.
