What is acquiring?

Acquiring is a method of accepting cashless payments using bank cards and mobile devices. The customer can pay with a debit or credit card, as well as through apps such as Mir Pay on a smartphone, smartwatch, or other wearable gadgets.

After payment, the funds are first received by the acquiring bank and then transferred to the seller's current account. For this, a payment terminal or an online system is used, depending on the type of acquiring.

There are two main types:

• Merchant acquiring — accepting payments through terminals in a store, office, or upon delivery.
• Internet acquiring — accepting payments on the company's website or in the mobile app.