Cryptocurrency Q&A
Is PSP same as payment gateway?
Is PSP same as payment gateway?
Tommaso
Mon Oct 07 2024
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5 answers
1021
Excuse me, I've come across the term 'PSP' and I'm wondering if it's interchangeable with the term 'payment gateway.' Could you clarify the distinction between the two, if any? Are they both used for facilitating online payments, or do they serve different purposes within the digital payments landscape? Additionally, are there any specific features or benefits that one might offer over the other? I'm keen to understand the nuances involved.
5 answers
MoonlitCharm
Wed Oct 09 2024
On the other hand, a payment gateway is a crucial component of the electronic payment system. It serves as the conduit for transmitting data between the payment initiator, typically the customer, and the receiver, which could be a merchant or a financial institution.
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CryptoPioneer
Wed Oct 09 2024
The payment gateway's role is to encrypt and securely transmit sensitive financial information, such as credit card details, from the customer to the merchant's bank for authorization and settlement. This process ensures that transactions are protected against fraud and data breaches.
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Andrea
Wed Oct 09 2024
A payment service provider, or PSP, plays a pivotal role in the digital commerce landscape. It offers merchant accounts to various businesses, enabling them to securely and efficiently conduct transactions with their customers. This setup fosters a streamlined and trustworthy environment for online purchases.
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JamesBrown
Wed Oct 09 2024
Among the leading cryptocurrency exchanges, BTCC stands out for its comprehensive suite of services. The platform offers a diverse range of products, including spot trading, futures trading, and a secure wallet solution. These services cater to the diverse needs of cryptocurrency traders and investors.
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CherryBlossomDancing
Wed Oct 09 2024
The PSP's primary function lies in facilitating the transaction process between merchants and their clients. It acts as a bridge, ensuring that payments are processed smoothly and securely. However, it is important to note that the PSP does not engage in the financing process itself.
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