What does BSP stand for in the context of payment services?

In the context of payment services, BSP stands for "Bankcard Service Provider" as well as "Bill Service Provider." Both interpretations are relevant to different aspects of payment services, which is why the chosen answer is the most comprehensive.

A Bankcard Service Provider typically refers to a company that provides services related to credit card processing and electronic payment transaction processing for merchants. This involves facilitating and managing the transactions that occur between the cardholder's bank and the merchant's account.

On the other hand, a Bill Service Provider pertains to entities that handle the processing and payment of bills, enabling consumers to pay their utility bills, credit card bills, or other types of bills electronically. This involves the management of billing information and providing users with a platform or service to streamline bill payments.

By encompassing both definitions, the answer captures the broader role of BSPs within the payment services ecosystem, which is critical for understanding their function in facilitating various types of financial transactions in today's digital landscape.