Decoding UPI: Knowing PSP in UPI and its Role in UPI Payment Gateways
Introduction The digital age has completely changed the way we transact thanks to the Unified Payments Interface (UPI). Payments are now faster and more safe because of its simplification. However, behind the scenes, several components work together to ensure smooth UPI transactions. One such component is the Payment Service Provider (PSP) in UPI. In this article, we will decode what PSP in UPI is and its crucial role in UPI payment gateways. What is PSP in UPI? PSPs facilitate UPI transactions by providing the technology and infrastructure required for seamless fund transfers. PSPs are authorised entities that ensure secure, reliable, and efficient payment processing. They are essential to the UPI payment gateway ecosystem since they let users send and receive money across several channels, like websites and mobile apps. As we know what PSP in UPI is all about, let’s understand what the different types of PSP in UPI are. Types of PSPs in UPI There are different types of PSP...