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What is Payment Ecosystem?

noun
represents the major players in the payment process and how they interact with each other during the payment transaction process: bank issuers and acquirers, credit card networks, payment processors, payment gateways, independent sales organizations (ISOs), or payment facilitators. The merchant and the shopper are also part of the payment ecosystem. Whether it’s brick-and-mortar offline shopping, online purchases via websites or marketplaces, mCommerce or mobile commerce, or social commerce, the payment ecosystem is governed by various local, national, or regional laws, with regulations and compliance covering security, privacy and taxation issues.

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