Who typically processes applications for payment cards?

The correct answer highlights that issuers and acquirers are primarily responsible for processing applications for payment cards. Issuers are financial institutions or banks that provide payment cards directly to consumers, enabling them to make purchases and access funds. They handle the application process for consumers looking to obtain a credit or debit card, which includes credit assessments, identity verification, and risk management protocols.

Acquirers, on the other hand, are banks or financial institutions that facilitate transactions on behalf of merchants. They work to onboard merchants who want to accept payment cards as a form of payment, ensuring the necessary infrastructure and connections to card networks are in place.

This duo plays a critical role in the payments ecosystem, bridging consumers and merchants while ensuring compliance with regulatory standards and underwriting processes. Their functions are crucial in maintaining the flow of transactions, security, and the overall integrity of the payment card system.

In contrast, the other options refer to roles not directly involved in the card application process. Network engineers focus on the technological infrastructure that supports payment processing, while government regulatory bodies oversee and ensure compliance with financial regulations but do not process applications. Financial auditors and accountants provide oversight and financial reporting rather than engaging directly in payment card application processing.