New Emergence is appearing in many part of world due to bank inclusion and digital identity acceptance globally which is getting happened through digitalization of national systems , technology and data connectivity penetrations ,
trust gaining with end users , banking adoption by users for different gains or saving. the different players that come into payment ecosystems are given below : (possibly more players or entitles may be existing and not listed)
♦ Banks (Issuers and Acquirers): In this report, we discuss two types of banks: issuing banks and acquiring banks.
Issuers are banks or financial institutions which offer payment cards to consumers on behalf of card networks such as Visa, MasterCard, or American Express. These are typically major commercial banks. In the context of PSD2 these banks are sometimes describes as ‘Payer’s banks’.
Acquirers are banks or financial institutions which acquire funds for their merchant from a shopper. To accept card payments, an acquirer should be licensed by corresponding card networks and either partner with a payment processor or be a payment processor itself. Some PSPs may operate as an acquirer as well. In the context of PSD2 these banks are sometimes described as ‘Payee’s banks’.
♦ Payment Service Providers: A company which combines the functions of both a payment gateway and a payment processor, can connect to multiple acquiring and payment networks. Additionally it can bean acquirer and provide risk assessments and other financial services.
Payment Schemes: Payment schemes determine the technical norms and rules for conducting payment operations. They enable the management of the operations of the payment processes. These technical rules and standards are restrictions that determine how money isto be transferred between the payment institutions. Notable payment schemes include Mastercard and Visa.
Payment Gateways: Payment Gateways are a service that helps merchants initiate ecommerce, in-app, and point of sale payments for a broad variety of payment methods. The gateway is not directly involved in the money flow; typically it is a web server to which a merchant's website or POS system is connected. A payment gateway often connects several acquiring banks and payment methods under one system.
Payment Processor: Apart from card payments , payments from bank to bank is also initiated by Account holders / customers or financial institutions using central bank schemes or global /regional schemes offered to banks. Banks provide different clients (portals , eCMS , IVRS , VoIP, Mass-payments) or net-banking for letting customer initiate payments or authorize for legally conducting debits.