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Payment Method: Instant Banking
Instant Banking, also known as Instant Bank Transfer or Online Bank Transfer, is a type of payment method that allows customers to transfer funds directly from their bank account to a merchant or service provider in real-time. This payment method is often used for online purchases, bill payments, and money transfers.
To use Instant Banking, the customer typically needs to select the option at checkout or on the merchant's website, and then select their bank from a list of available banks. They will then be redirected to their bank's website or mobile app, where they can log in and authorize the payment. Once the payment is authorized, the funds are transferred from the customer's bank account to the merchant or service provider's account in real-time.
Instant Banking is often seen as a convenient and secure payment method, as it eliminates the need for customers to enter their credit or debit card information and can be more secure than traditional card-based payments. However, it is important to note that not all banks support Instant Banking, and there may be limits on the amount of funds that can be transferred using this method.
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