Payment Initiation Service Providers (PISPs)

Payment Initiation Service Providers (PISPs) are authorized entities that facilitate online payments directly from a customer's bank account to a merchant or service provider. Instead of using traditional methods like credit cards, PISPs initiate payments securely with the customer's consent, often through a bank's interface. They are regulated to ensure safety and transparency, providing a convenient alternative for digital transactions. Essentially, PISPs act as trusted intermediaries that make online payments easier, faster, and more secure by connecting your bank account directly for payment purposes.