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What is a payment ecosystem?

pay - ment eco - sys - tem
noun

A payment ecosystem refers to all of the components of the payment process, including financial institutions, credit card networks, payment processors, payment gateways, independent sales organizations (ISOs) and payment facilitators. These entities play crucial roles in facilitating payment transactions.

Additionally, the payment ecosystem involves merchants and shoppers, operating across diverse contexts like physical retail, online shopping, mobile commerce and social commerce. This intricate network operates under the umbrella of numerous regulations, covering aspects such as security, privacy and taxation, as mandated by local, national or regional laws.