Mobile Payments Terms Glossary: Mobile Payments Terms in 2024
A
Ach
ACH, short for Automated Clearing House, is an electronic payment system that enables the transfer of funds between bank accounts using mobile devices.
Ach (Automated Clearing House)
ACH (Automated Clearing House) is an electronic network for processing financial transactions in the United States, often used for mobile payments.
Acquirer
An Acquirer, also known as a merchant acquirer or acquiring bank, is a financial institution that processes and settles payment transactions on behalf of merchants.
Aml
AML stands for Anti-Money Laundering. It refers to a set of regulations and practices aimed at preventing and detecting the use of financial systems for money laundering or illicit activities.
Api
API, short for Application Programming Interface, is a set of rules and protocols that allows different software applications to communicate and interact with each other, often used in mobile payment systems.
Api (Application Programming Interface)
An API (Application Programming Interface) is a set of rules and protocols that allows different software applications to communicate and interact with each other, often used in mobile payment integrations.
Authentication
Authentication is the process of verifying the identity of a user or device to ensure that only authorized individuals or systems can access sensitive information or perform transactions.
Authorization
Authorization is the process of approving or confirming a mobile payment transaction, ensuring that the user has sufficient funds or credit and that the transaction meets security and fraud prevention requirements.
B
B2B Payments
B2B Payments, short for business-to-business payments, are transactions where one business makes a payment to another business for goods or services provided, often facilitated through mobile payment platforms.
Bank Transfer
A Bank Transfer is the electronic transfer of funds between bank accounts, often used for mobile payments between individuals and businesses.
Biometric Authentication
Biometric Authentication is a security measure that uses unique physical or behavioral characteristics, such as fingerprints or facial recognition, to authenticate a user's identity.
Biometric Payment Authentication
Biometric Payment Authentication is the use of biometric data, such as fingerprints, iris patterns, or facial recognition, to verify a user's identity and authorize mobile payment transactions.
Biometric Payment Card
A Biometric Payment Card is a payment card equipped with a fingerprint sensor or other biometric technology, allowing cardholders to authenticate transactions by using their unique biometric data.
Bluetooth Low Energy (Ble)
Bluetooth Low Energy (BLE) is a wireless communication technology that enables devices to establish a low-power connection, often used for mobile payment devices and proximity-based interactions.
C
Chargeback
A Chargeback is a transaction reversal requested by a cardholder or card issuer due to a dispute, resulting in the return of funds to the cardholder and potential financial liability for the merchant.
Contactless Payment
Contactless Payment is a payment method that allows customers to tap their mobile devices or contactless cards on a payment terminal without the need for physical contact.
Contactless Terminal
A Contactless Terminal is a point-of-sale device equipped with NFC technology that enables customers to make contactless payments using their mobile devices.
Cryptocurrency
Cryptocurrency is a digital or virtual currency that uses cryptography for security and operates independently of a central bank. It can be used as a medium of exchange in electronic transactions, including mobile payments.
Cryptocurrency Wallet
A Cryptocurrency Wallet is a software program or electronic device that allows users to store, manage, and interact with their cryptocurrency holdings, enabling them to send and receive digital currencies.
Cryptographic Hash
A Cryptographic Hash is a mathematical algorithm that takes input data and produces a fixed-size string of characters, which is unique to the input data and used for data integrity and security purposes in mobile payments.
Cryptographic Token
A Cryptographic Token is a digital representation of a value or asset, secured by cryptography, often used for mobile payment transactions.
Customer Loyalty Program
A Customer Loyalty Program is a marketing strategy that rewards customers for their repeat business and encourages them to make mobile payments by offering incentives, discounts, or exclusive benefits.
D
Data Encryption
Data Encryption is the process of converting plain text or data into a coded form, known as ciphertext, to prevent unauthorized access or data breaches, ensuring the confidentiality and integrity of mobile payment data.
Decentralized Finance (Defi)
Decentralized Finance (DeFi) refers to financial systems that use blockchain technology to provide financial services, such as lending, borrowing, and trading, without the need for intermediaries or centralized control.
Digital Currency
Digital Currency is a type of currency that exists in a digital or electronic form, used for making transactions and payments electronically.
Digital Identity
Digital Identity refers to the online representation of an individual's identity, often verified and authenticated through personal information, biometric data, or digital certificates.
Digital Receipt
A Digital Receipt, also known as an electronic receipt or e-receipt, is a digital record of a transaction, typically sent to a customer's email or stored in a mobile app after making a purchase.
Digital Signature
A Digital Signature is a cryptographic technique used to verify the authenticity and integrity of digital documents or transactions, ensuring that the content has not been tampered with during transmission.
Digital Wallet
A Digital Wallet is a virtual wallet that allows users to store and manage payment card information, and make payments using their mobile devices.
E
E-Commerce
E-commerce, short for electronic commerce, refers to the buying and selling of goods and services over the internet, often involving online payments.
E-Commerce Platform
An E-Commerce Platform is a software application or website that allows businesses to sell products or services online, often including mobile payment integration.
E-Invoicing
E-Invoicing (Electronic Invoicing) is the digital process of creating and sending invoices, including mobile payment options, to customers electronically.
E-Wallet
An E-wallet, short for electronic wallet, is a digital wallet that stores a user's payment card information and enables them to make electronic transactions, including mobile payments.
Emv
EMV stands for Europay, Mastercard, and Visa. It is a global standard for payment cards equipped with integrated circuit chips to enhance the security of card-present transactions.
Encryption
Encryption refers to the process of converting sensitive data, such as payment information, into a coded form to protect it from unauthorized access during mobile payment transactions.
F
Fintech
Fintech, short for Financial Technology, refers to innovative technology-driven solutions that aim to improve and automate financial services, including mobile payments.
Fraud Detection
Fraud Detection in mobile payments is the practice of identifying and preventing fraudulent or suspicious activities, transactions, or behaviors, using various techniques, such as AI, machine learning, and data analytics.
Fraud Prevention
Fraud Prevention refers to strategies and measures implemented by businesses and financial institutions to detect and deter fraudulent activities within mobile payment systems.
G
Geolocation
Geolocation is the process of determining and identifying the physical location of a mobile device or user, often used in mobile payments for enhanced security, personalization, or fraud prevention.
I
In-App Advertising
In-App Advertising refers to the display of advertisements within a mobile application, often targeted based on user preferences and behaviors, including those related to mobile payments.
In-App Billing
In-App Billing is the process of charging users for digital content or services within a mobile application, often through mobile payment methods.
In-App Payments
In-app Payments refer to the ability to make purchases or payments within a mobile application, often using stored payment card information or digital wallets for convenience.
In-App Purchase
An In-App Purchase is a mobile payment made within a mobile application for additional features, content, or virtual goods.
In-App Wallet
An In-App Wallet is a digital wallet integrated into a mobile application, allowing users to store payment card information and make in-app payments.
In-Store Mobile Marketing
In-Store Mobile Marketing refers to personalized marketing strategies that target customers within a physical retail location using their mobile devices, often utilizing mobile payments.
In-Store Payments
In-Store Payments refer to the ability to make mobile payments at physical retail locations using a mobile device or digital wallet.
Innovation
Innovation refers to the introduction and implementation of new ideas, concepts, technologies, or processes within the mobile payment industry to drive improvements and enhance user experiences.
Instant Payment
An Instant Payment is a real-time payment transaction that allows funds to be transferred almost immediately, usually within seconds, using mobile payment technology.
Interchange Fee
An Interchange Fee is a fee paid by the merchant's bank to the card-issuing bank for each card transaction, covering processing costs and a portion of the issuer's risk.
Invisible Payments
Invisible Payments refer to seamless and frictionless payment experiences, often facilitated through advanced technologies like biometrics, wearables, or integrations with Internet of Things (IoT) devices.
Invoice Payment
Invoice Payment is the process of making a payment for a received invoice, often involving mobile payment methods to settle the invoice.
Issuer
An Issuer is a financial institution, such as a bank or credit card company, that provides payment cards to consumers and authorizes transactions made with those cards.
K
Kyc
KYC stands for Know Your Customer. It is the process of verifying the identity of customers to ensure compliance with anti-money laundering regulations and to mitigate the risk of fraud in mobile payments.
M
Merchant
A Merchant is a business or individual that sells goods or services and accepts payments from customers, whether in-person or through digital channels.
Merchant Account
A Merchant Account is a type of bank account that enables businesses to accept and process mobile payments from customers.
Merchant Acquirer
A Merchant Acquirer is a financial institution or processor that enables merchants to accept mobile payments by providing them with payment processing services, merchant accounts, and transaction settlement.
Merchant Category Code (Mcc)
A Merchant Category Code (MCC) is a four-digit number used to classify merchants by the types of goods or services they offer, helping in the processing and analysis of transactions.
Merchant Discount Rate
The Merchant Discount Rate, also known as the discount fee or processing fee, is the fee charged by the merchant acquirer to the merchant for processing credit or debit card transactions.
Merchant Services
Merchant Services are financial services offered to businesses to facilitate mobile payment acceptance, including payment processing, fraud prevention, and reporting.
Microtransaction
A Microtransaction is a small financial transaction, often involving a very low-value payment, typically used for purchasing digital content or services within mobile applications or games.
Mobile Banking
Mobile Banking refers to the use of a mobile device, such as a smartphone or tablet, to perform banking transactions, such as checking account balances or transferring funds.
Mobile Check Deposit
Mobile Check Deposit is a feature that allows users to deposit checks into their bank accounts using a mobile banking app, typically by taking a photo of the front and back of the check.
Mobile Checkout
Mobile Checkout refers to the process of completing a purchase using a mobile device and mobile payment methods, typically in an online or mobile app shopping environment.
Mobile Checkout Optimization
Mobile Checkout Optimization is the process of improving the user experience and conversion rates of mobile payment transactions, often through streamlining the checkout process and reducing friction.
Mobile Commerce
Mobile Commerce, also known as mCommerce, refers to the buying and selling of goods and services through mobile devices, typically using mobile apps or mobile-optimized websites.
Mobile Coupon
A Mobile Coupon is a digital version of a traditional coupon or voucher that can be stored and redeemed using a mobile device, often as a form of payment or discount within mobile payment systems.
Mobile Couponing
Mobile Couponing is the distribution and redemption of coupons or discounts through mobile devices, often tied to mobile payment transactions.
Mobile Deposit
Mobile Deposit is a mobile banking feature that allows users to deposit checks into their bank accounts by capturing an image of the check using a mobile device.
Mobile Money
Mobile Money is a type of digital payment service that allows users to store, send, and receive money using their mobile devices, often used in regions with limited access to traditional banking services.
Mobile Payment Adoption
Mobile Payment Adoption refers to the rate at which consumers and businesses adopt and use mobile payment technologies and solutions.
Mobile Payment App
A Mobile Payment App is a software application installed on a mobile device that allows users to make payments, manage their accounts, and perform other financial transactions.
Mobile Payment Fraud
Mobile Payment Fraud refers to unauthorized or fraudulent mobile payment transactions or activities, with the aim of stealing funds or sensitive information from users or businesses.
Mobile Payment Gateway
A Mobile Payment Gateway is a service provider that facilitates the authorization and processing of mobile payment transactions between merchants and customers.
Mobile Payment Integration
Mobile Payment Integration is the process of integrating mobile payment functionalities into existing software applications or systems, enabling users to make payments through those applications or systems.
Mobile Payment Processor
A Mobile Payment Processor is a company or service provider that handles the processing, settlement, and reconciliation of mobile payment transactions between merchants and customers.
Mobile Payment Security
Mobile Payment Security encompasses various measures and practices aimed at protecting sensitive data, preventing unauthorized access, and mitigating the risk of fraud or security breaches in mobile payments.
Mobile Payment Service Provider
A Mobile Payment Service Provider is a company or organization that offers mobile payment solutions, technologies, or platforms to merchants, financial institutions, or consumers.
Mobile Payment Solution
A Mobile Payment Solution is a comprehensive set of technologies, platforms, and services that enable businesses to accept and process mobile payments.
Mobile Payment Technology
Mobile Payment Technology refers to the various technologies and protocols used to enable secure and convenient mobile payments, including NFC, QR codes, biometrics, and encryption.
Mobile Payment Terminal
A Mobile Payment Terminal is a device that enables merchants to accept mobile payments by connecting to a smartphone or tablet, often through Bluetooth or audio jack.
Mobile Payments
Mobile Payments refer to the transfer of money or payment of goods and services using a mobile device, such as a smartphone or tablet.
Mobile Payments Market
Mobile Payments Market refers to the market segment that encompasses the various technologies, solutions, and services related to mobile payments.
Mobile Point Of Sale
Mobile Point of Sale (mPOS) is a portable payment system that allows merchants to accept payments using mobile devices, typically through a card reader attached to a smartphone or tablet.
Mobile Point Of Sale (Mpos)
Mobile Point of Sale (mPOS) refers to the use of a mobile device, such as a smartphone or tablet, as a portable payment terminal to accept credit or debit card payments.
Mobile Pos (Mpos) System
A Mobile POS (mPOS) System is a portable point-of-sale system that allows businesses to accept mobile payments on smartphones or tablets.
Mobile Pos System
A Mobile POS System is a portable point-of-sale system that allows merchants to accept payments using mobile devices, typically through a combination of hardware (e.g., card reader) and software.
Mobile Pos Terminal
A Mobile POS Terminal is a compact, portable device, often a smartphone or tablet, that can accept payments from customers using various methods, such as contactless cards, mobile wallets, or QR code scanning.
Mobile Remittance
Mobile Remittance is the process of sending money to recipients in different locations using mobile devices, often used for cross-border mobile payments.
Mobile Security
Mobile Security refers to the protection of sensitive data, such as payment information and user identities, on mobile devices to prevent unauthorized access, fraud, or data breaches.
Mobile Ticketing
Mobile Ticketing is the process of purchasing, storing, and using tickets for events, transportation, or other services through mobile devices and mobile payment methods.
Mobile Wallet
A Mobile Wallet, also known as a digital wallet or e-wallet, is a virtual wallet that stores payment card information and allows users to make payments using their mobile devices.
Mobile Wallet Security
Mobile Wallet Security refers to the measures and technologies implemented to protect the security and privacy of information stored in a mobile wallet, including payment card details.
N
Near Field Communication (Nfc)
Near Field Communication (NFC) is a short-range wireless technology that enables contactless communication between devices, commonly used for mobile payments.
Nfc
Near Field Communication (NFC) is a wireless communication technology that enables two devices, such as a mobile phone and a payment terminal, to communicate when they are brought close together.
Nfc Tag
NFC Tag is a small microchip that can be embedded in physical objects or products, allowing users to interact with the tag through their mobile devices for information or mobile payments.
O
One-Time Password
A One-Time Password (OTP) is a security measure that provides a unique code, valid for a single use, to authenticate a user's identity during a mobile payment transaction.
One-Time Password (Otp)
A One-Time Password (OTP) is a temporary code that is valid for a single authentication or transaction, typically sent to a user's mobile device for added security.
Online Banking
Online Banking enables users to perform banking activities, such as account management and bill payments, through internet-based platforms using a computer or mobile device.
Open Banking
Open Banking is a banking practice that allows third-party financial service providers to access customer financial data, with the customer's consent, to create new products and services or enhance existing ones.
P
Payment Gateway
A Payment Gateway is a technology infrastructure that facilitates the secure transmission of payment data between a merchant's website or mobile app and the acquirer or payment processor.
Pci Dss
PCI DSS stands for Payment Card Industry Data Security Standard. It is a set of security standards designed to protect cardholder data and ensure the secure processing of card transactions.
Pci-Dss
PCI-DSS, which stands for Payment Card Industry Data Security Standard, is a set of security standards designed to protect payment card data and enhance the security of mobile payment transactions.
Peer-To-Peer (P2P) Payments
Peer-to-Peer (P2P) Payments enable direct transfer of funds between individuals through a mobile app or platform without the need for intermediaries.
Peer-To-Peer Payment
Peer-to-Peer Payment, also known as P2P Payment, is a transfer of funds between two individuals, usually facilitated through a mobile payment app or platform.
Peer-To-Peer Payments
Peer-to-Peer Payments, also known as P2P Payments, are transactions that allow individuals to transfer funds directly to each other using mobile devices.
Point Of Sale
Point of Sale (POS) refers to the physical location, such as a retail store or restaurant, where a purchase transaction is conducted and payment is made.
Private Key
A Private Key is a unique cryptographic code or password that is kept secret and used to decrypt data or digital signatures and authorize transactions in mobile payments.
Public Key
A Public Key is a cryptographic code or password that is made available to others for encryption or verification purposes in mobile payments and digital certificates.
Q
Qr Code
A QR Code is a two-dimensional barcode that can be scanned by a mobile device to retrieve information, such as payment details or product information.
R
Real-Time Payments
Real-time Payments, also known as instant payments, are electronic payment transactions that are processed and settled immediately, providing immediate availability of funds to the recipient.
Remittance
Remittance refers to the transfer of money or funds from one individual or entity to another, often used to describe international money transfers or payments made by migrants to their home countries.
Retail Payments
Retail Payments refer to mobile payments made for goods and services at physical retail stores, often using mobile devices or contactless payment methods.
S
Secure Element
A Secure Element is a tamper-resistant hardware component, such as a chip or embedded secure element, that stores sensitive data, such as payment credentials, and provides secure execution of applications for mobile payments.
Secure Remote Commerce (Src)
Secure Remote Commerce (SRC) is a set of standards and specifications developed by the payment card industry to enable a streamlined and secure online checkout experience across different merchants and digital platforms.
T
Tap-And-Go
Tap-and-Go is a contactless mobile payment method that enables quick and convenient transactions by tapping a mobile device or contactless card on a payment terminal.
Tap-And-Pay
Tap-and-Pay is a mobile payment method that allows users to make payments by simply tapping their mobile devices on a compatible payment terminal.
Tap-To-Pay
Tap-to-Pay refers to a contactless payment method where customers can make payments by simply tapping their mobile devices, contactless cards, or smartwatches on a payment terminal.
Token-Based Authentication
Token-Based Authentication is a security method that uses unique authentication tokens, which are generated by a trusted source and used in lieu of traditional passwords, enhancing security in mobile payment transactions.
Tokenization
Tokenization is the process of replacing sensitive data, such as credit card numbers, with unique identification symbols called tokens, to enhance security in mobile payments.
Transaction
A Transaction refers to an exchange of goods, services, or money between a buyer and a seller, typically involving a mobile payment as a form of payment.
Transaction Limit
A Transaction Limit is a predetermined maximum amount or volume set by a financial institution or payment provider for a single transaction or a series of transactions within a specific time period.
Two-Factor Authentication
Two-Factor Authentication (2FA) is a security method that requires users to provide two different types of identification to verify their identity, typically a combination of something they know (e.g., password) and something they possess (e.g., mobile device).
Two-Factor Authentication (2Fa)
Two-Factor Authentication (2FA) is an additional layer of security that requires users to provide two forms of authentication, such as a password and a unique code, for mobile payments.
U
User Experience
User Experience (UX) refers to the overall experience and satisfaction of users when interacting with a mobile payment system, including ease of use, efficiency, and visual design.
User Experience (Ux)
User Experience (UX) in mobile payments refers to the overall experience and satisfaction that users have when interacting with a mobile payment app or platform, considering factors such as ease of use, efficiency, and aesthetics.
User Interface (Ui)
User Interface (UI) in mobile payments refers to the visual and interactive elements that users see and interact with on a mobile payment app or platform, including buttons, menus, screens, and icons.
V
Virtual Card
A Virtual Card is a digital representation of a physical payment card that can be used for online purchases or mobile payments without the need for a physical card.
Virtual Reality Payments
Virtual Reality Payments are mobile payment methods specifically designed for use within virtual reality environments, allowing users to make transactions within virtual worlds.
W
Wallet Provider
A Wallet Provider is a company or service that offers digital wallet solutions, allowing users to store their payment information and make mobile payments using their mobile devices.