What are the payment statuses in Qwik and what do they mean?

Payment statuses in Qwik are as follows:
Success - when a transaction has been made successfully and is ready to be settled.
Failed - when a transaction is failed
Pending approval - when a transaction has been initiated but customer has not gone through 3DS process
Rejected - when the bank has rejected the transaction
Refunded - when a payment has been refunded by the seller
Settled - when a successful transaction has been settled.
Canceled - when a successful transaction has been canceled before settlement.