PayTech - Payment and Digital Banking Technologies

(Flashcards)

Contactless Payment

Payment methods using near-field communication (NFC) or radio-frequency identification (RFID).

Mobile Wallet

An application on a mobile device that stores payment information for various cards.

QR Code Payment

Payment method using a QR code to transfer funds.

Digital Wallet

Electronic device or online service that allows for electronic transactions.

P2P Payments

Peer-to-peer payments allowing individuals to transfer funds directly to each other.

EMV

Europay, MasterCard, and Visa - a global standard for credit cards with chip technology.

Tokenization

Process of replacing sensitive data with unique identification symbols.

Biometric Authentication

Security process that uses biological characteristics to verify identity.

Two-Factor Authentication

Security process that requires two different forms of identification.

Blockchain

Decentralized digital ledger for recording transactions.

Cryptocurrency

Digital currency that uses cryptography for security.

Digital Bank

Online-only bank with no physical branches.

FinTech

Technology-driven innovation in financial services.

Smart Contract

Self-executing contract with terms directly written into code.

Instant Payments

Electronic payments that are processed in real-time.

PSD2

Revised Payment Services Directive, EU regulation enhancing innovation and security in payments.

Open Banking

Sharing of banking data with third-party providers via APIs.

Payment Gateway

Service that authorizes credit card or direct payments for online merchants.

Payment Processor

Company that handles transactions between two parties, often using credit cards.

POS Terminal

Device used to process card payments at retail locations.

ACH

Automated Clearing House, a network for processing electronic financial transactions.

Real-Time Gross Settlement

System where transfer of funds happens in real-time and on a gross basis.

B2B Payments

Business-to-business payments involving transactions between companies.

Digital Currency

Currency available in digital form, not necessarily on a blockchain.

Remittance

Transfer of money by foreign workers to their home country.

Crypto Wallet

Digital wallet for storing cryptocurrencies.

eCommerce

Buying and selling of goods and services over the internet.

KYC

Know Your Customer, a process to verify the identity of clients.

AML

Anti-Money Laundering, regulations to prevent money laundering activities.

Micro-Payments

Financial transactions involving very small amounts of money.

Cross-Border Payments

Transactions where the payee and the transaction originator are in different countries.

Invoice Financing

Short-term borrowing against outstanding invoices.

Virtual Card

Digital version of a payment card.

NFC

Near Field Communication, technology enabling contactless payments.

Mobile POS

Portable device that functions as a point of sale terminal.

Buy Now, Pay Later

Service allowing consumers to make purchases and pay for them over time.

Embedded Finance

Integration of financial services within non-financial platforms.

RegTech

Technology to help companies comply with regulations efficiently.

Digital Transformation

Use of technology to radically change how businesses operate and deliver value.

Chargeback

Return of funds to a consumer, typically after a disputed transaction.

Fraud Detection

Systems and processes to identify and prevent fraudulent transactions.

API

Application Programming Interface, which allows different software applications to communicate.

Secure Element

Dedicated chip in a mobile device for securely storing payment information.

Virtual Bank

Bank that operates without any physical branches, entirely online.

Loyalty Program

Rewards program offered by a company to incentivize repeat business.

Mobile Banking

Use of a mobile device to conduct banking transactions.

Digital Check

Electronic version of a paper check.

Smart POS

Advanced point of sale system with integrated technology for additional services.

Subscription Billing

Recurring billing method for subscription-based services.

Invoice Automation

Use of technology to streamline the processing of invoices.