The acquiring bank provides merchants with an API to process payments, both their own cards and other banks, the latter of which are processed through the netwo

The acquiring bank provides merchants with an API to process payments, both their own cards and other banks, the latter of which are processed through the networks of schemes like Visa. They also settle with the merchants. WePay/Alipay if they are processing card payments on behalf of users could be considered merchants (or merchant aggregators). However Wepay/Alipay stored-value wallets are different. They are technically issuers (ie your bank), but typically not connected to this particular type of system - though they could be quite easily. Apple-pay & Samsung-pay are a little more complicated. They act as pseduo-issuers through a partner thats connected to the above system but outside the scope of the video. When you make a payment with apple-pay, they issue you a custom card number which passes through the terminal at POS and the system in the video to the partner, who then matches it with the actual issuer of your bank, and passes it on through for processing.