Definition ∞ A Payment Processor is a service provider that handles electronic transactions between customers and merchants. In the digital asset context, this entity facilitates the conversion and transfer of cryptocurrencies for goods or services. They manage the technical and financial steps involved, ensuring secure and efficient settlement of digital asset payments.
Context ∞ The role of Payment Processors in the digital asset ecosystem is growing, bridging the gap between volatile cryptocurrencies and traditional fiat currencies for merchants. News often reports on new partnerships between payment processors and major retailers, expanding the reach of digital asset payments. The ongoing evolution of these services focuses on reducing transaction costs, increasing speed, and simplifying the user experience for both consumers and businesses.
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