Vocabulary

• Digital Payments – Electronic transactions made by transferring money using digital devices like smartphones, tablets, computers, etc.
• Mobile Wallet – A virtual wallet that stores payment card information on a mobile device.
• Cryptocurrency – A digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger.
• Blockchain – A decentralized ledger of all transactions across a peer-to-peer network.
• Peer-to-Peer Payments – Electronic money transfers made from one person to another through an intermediary, typically referred to as a P2P payment application.
• Contactless Payments – A secure method for consumers to purchase products or services via debit, credit or smartcards (also known as chip cards), by using RFID technology or near-field communication (NFC).
• Biometric Authentication – A security process that relies on the unique biological characteristics of an individual to verify that he is who he is claimed to be.
• QR Code Payments – A contactless payment method where payment is performed by scanning a QR code from a mobile app.
• NFC (Near Field Communication) – A set of communication protocols that enable two electronic devices to establish communication by bringing them within 4 cm of each other.
• Fintech – Abbreviation for financial technology, referring to the use of technology and innovative business models in financial services.
• E-commerce – Buying and selling of goods or services using the internet, and the transfer of money and data to execute these transactions.
• E-Wallet – An electronic device or online service that allows an individual to make electronic transactions.
• Real-Time Payments – Immediate, 24/7 interbank electronic fund transfer systems that allow money to be transferred and settled within seconds.
• Tokenization – The process of protecting sensitive data by replacing it with an algorithmically generated number called a token.
• Encryption – The process of encoding a message or information in such a way that only authorized parties can access it.
• Digital Banking – The digitization of all the traditional banking activities and services that were historically were available to customers only when physically inside of a bank branch.
• Financial Inclusion – The delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society.
• Online Banking – An electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website.
• Fraud Detection – The process of identifying frauds in transactions.
• Cybersecurity – The practice of protecting systems, networks, and programs from digital attacks.
• Open Banking – A system where banks provide access via APIs to third-party developers to build applications and services.
• API (Application Programming Interface) – A set of routines, protocols, and tools for building software applications.
• Big Data – A field that treats ways to analyze, systematically extract information from, or otherwise deal with data sets that are too large or complex to be dealt with by traditional data-processing application software.
• Machine Learning – An application of artificial intelligence (AI) that provides systems the ability to automatically learn and improve from experience without being explicitly programmed.
• Digital Currency – A type of currency available in digital form. It exhibits properties similar to physical currencies, but can allow for instantaneous transactions and borderless transfer-of-ownership.
• Prepaid Card – A card that allows you to spend money that you have loaded onto the card in advance.
• Payment Service Provider (PSP) – A company that provides platforms and services for accepting electronic payments by a variety of payment methods including credit card, bank-based payments such as direct debit, bank transfer, and real-time bank transfer based on online banking.
• Mobile Payment – Money paid for a product or service through a portable electronic device such as a smartphone or tablet.
• Remittance – The transfer of money by a foreign worker to an individual in their home country.
• Crowdfunding – The practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the Internet.
• Credit Score – A numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual.
• Interest Rate – The amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets.
• Debit Card – A payment card that deducts money directly from a consumer's checking account to pay for a purchase.
• Credit Card – A payment card issued to users as a method of payment, where the issuer lends funds to the consumer to be paid to the merchant.
• Automated Clearing House (ACH) – A network used for electronic payments and money transfers.
• Point of Sale (POS) – The time and place where a retail transaction is completed.
• Merchant – A person or company that sells goods or services.
• Chargeback – A return of money to a payer, often used in the event of fraudulent credit card transactions.
• Wire Transfer – An electronic transfer of money from one person or entity to another.
• Invoice – A commercial document that itemizes a transaction between a buyer and a seller.
• Installment – A sum of money due as one of several equal payments for a product or service, spread over an agreed period of time.
• Direct Deposit – An electronic transfer of a payment directly from the account of the payer to the recipient's account.
• Payroll – The total amount of money that a company pays to its employees.
• Subscription – An agreement to receive or be given access to products or services periodically, rather than all at once.
• Digital Wallet – A system that securely stores users' payment information and passwords for numerous payment methods and websites.
• Money Order – A payment order for a specified amount of money.
• Bank Statement – A record summarizing all transactions over a given period in a bank account.
• Overdraft – A deficit in a bank account caused by drawing more money than the account holds.
• Savings Account – A bank account that earns interest.
• Checking Account – A bank account that allows numerous withdrawals and unlimited deposits.