The full form of PSP is Payment Service Provider, a key player in the UPI framework that enables UPI app functionality and user onboarding.
Definition
The definition of Payment Service Provider is a licensed bank that connects UPI apps to the NPCI network and handles backend services such as account mapping and transaction processing.
Key Functions
- Enables UPI services for users and merchants
- Manages UPI IDs, PIN setup, and transaction routing
- Ensures compliance with RBI and NPCI rules
Author
