What does psp stand for in banking?
In the modern digital banking, fintech, and electronic payments ecosystem, PSP stands for Payment Service Provider. A payment service provider is a third-party financial technology company that enables merchants and e-commerce enterprises to accept secure electronic payments—including credit cards, debit cards, digital wallets, and bank transfers—by acting as a secure bridge between online merchants, acquiring banks, and payment networks. Prominent examples of payment service providers include companies like Stripe, PayPal, and Adyen, which streamline transaction processing, manage fraud detection, ensure compliance with security standards, and facilitate seamless checkout experiences for global online businesses.
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