Payment Service Providers

The Role of Payment Service Providers

Pockyt, a payment service provider (PSP), facilitates payment processing for digital wallet services. Here's a technical explanation of how Pockyt's services work in conjunction with digital wallets:
  • Integration with Digital Wallets: Pockyt establishes integration with digital wallet platforms, enabling access to necessary information and functionalities.
  • Payment Initiation: When a user initiates a payment through their digital wallet, the request is transmitted from their mobile device to Pockyt's servers, containing transaction details.
  • Authentication and Authorization: Pockyt's servers authenticate the user's identity, validate the transaction request, and verify the availability of funds in the digital wallet or linked bank account.
  • Transaction Processing: Upon successful authentication, Pockyt's servers initiate the transaction process, communicating with the recipient's payment system or the merchant's server to exchange necessary information.
  • Funds Transfer: Pockyt facilitates secure transfer of funds from the user's digital wallet or linked bank account to the recipient's account, leveraging integration with banking systems, settlement networks, or other payment gateways.
  • Transaction Confirmation: Following funds transfer, Pockyt's servers update the transaction status and promptly notify both the user and recipient through push notifications, SMS, or in-app messages.
  • Transaction Records and Security: Pockyt's servers securely store transaction details, employing encryption, tokenization, and other security protocols to protect sensitive information.
  • Settlement and Reporting: Pockyt handles settlement processes by reconciling transactions and settling funds among involved parties, offering reporting and analytics tools to merchants for transaction tracking, analysis, and generating insights.
Last modified 5mo ago