What is the Full Form of PSP?

The full form of PSP is Payment Service Provider. Our world has changed so much over the ages when it comes to transactions, from paper money to a totally digital age where we can send money with just one single tap. PSP is a bridge between the Unified Payment Interface and any business moreover, aiding in secure and speedy transactions throughout the globe, that are authorized by the NCPI. 

How does PSP Work?

A PSP is a necessity in the UPI ecosystem, they make transactions easier, and safer and have a payment gateway that is dependable. When you start a UPI transaction, the PSP is liable for verifying your credentials and guaranteeing the compliance of the transaction with the mandated security policies. The PSP also performs the transaction at that very moment and guarantees that the money is effortlessly sent from you (the payer) to the payee’s account. 

Also Read: What is the full form of BBPS?

What are the Benefits of PSP?

The Benefits of PSP are:

• The usage and convenience ease during transactions are due to an effortless amalgamation of PSPs into the different UPI platforms.  
• PSPs are a digital payment option that is cost-efficient. Payment methods like credit cards do have a higher transaction fee than PSPs. 
• PSPs protect your monetary dealings from hacking and fraud as they have encryption, two-factor authentication, and monitoring of transactions at that very moment. 
• Net banking and e-wallets are additional digital, payment choices by PSPs. 

Also Read: Best Forex Cards for Students

What are Popular PSPs in India?

Here are some PSPs that you must have come across before too:

1. Google Pay
2. Paytm Payments Bank
3. PhonePe 
4. BHIM
5. Amazon Pay

Each of these PSPs offers cashback and rewards if you choose to carry out transactions through their platform. 

Also Read: What is the full form of ARN?

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