A payment service provider (Payment Service Provider, PSP) is a service that provides services for accepting and sending payments by traditional methods. It acts as an intermediary between the seller, the buyer and the payment systems, simplifying the connection to many payment methods through a single solution.
In practice a PSP often works as a processing aggregator: a company that makes it possible to send and receive payments by several methods at once — for example, with bank cards of international payment systems, through e-wallets and popular local services. Instead of integrating each payment method separately, the seller connects to a single provider and gains access to the whole set of supported channels.
Connection with cryptocurrencies
In the crypto industry payment service providers are important as a bridge between traditional finance and digital assets. Through them users can top up accounts on services with fiat money or withdraw funds, and businesses can accept payment in ways convenient for customers. When choosing a provider, attention is paid to the supported methods, fees, the geography of operation and regulatory compliance requirements.
