What is acquiring?

Acquiring is a banking service that allows businesses to accept cashless payments. Customers pay for purchases with bank cards, smartphones with  Mir Pay, and via the Faster Payments System (SBP). The funds are first credited to the acquiring bank, which then transfers them to the seller's current account.

There are two main types of acquiring:

• Merchant acquiring. Allows payments to be accepted via a terminal at the checkout or upon delivery.
• Internet acquiring. Used to accept online payments on a website, in an app, or via a payment link.