Payment service provider

The PSP will typically provide software to integrate with e-commerce websites or point of sale systems.

They fully manage payment processing and external network relationships, making the merchant less dependent on banking institutions.

[5] Each merchant remains responsible for his own actions and must accordingly ensure that the selected provider observes the guidelines, e.g. with regard to data protection.

[8] In 2010, the People's Bank of China issued administrative measures regarding online non-financial payment services.

[9]: 33  These measures retroactively recognized the legal status of online third-party payment platforms like Alipay.