Is all the terminology used in the payments, finance and retail industries confusing you? Do you have a lot of questions about new developments in e-commerce and fintech? Our payment glossary is a great source for definitions, in-depth information and resources. Take a moment to understand the reasons for shopping...
TOKENIZATION
Tokenization refers to the process of replacing sensitive data with unique identification symbols that retain all of the essential information without compromising its security. In order to attain PCI compliance, when a business processes payments, sensitive data must be encrypted. Tokenization is used to store credit card details so that...
RECURRING PAYMENTS
Some online merchants offer ongoing services, such as gyms, yoga studios, gaming and other sectors, that necessitate a recurring payment model. Certain industries, such as gaming, casino, adult entertainment and cell phone service providers, are considered high risk due to the fact that revenue is based on this payment model....
PSD2 REGULATION
Enacted by the European Commission, the PSD2 regulation took effect in January 2018. The aim of the regulation is to better protect consumers when they pay online, promote the development and use of innovative online and mobile payments, for example through open banking, and make cross-border European payment services less costly...
POS (Point of Sale)
A Point of Sale (POS) is the site where a customer makes payment for items or services whether the transaction takes place in a physical store, where POS terminals are used to process card payments, or a virtual sales point such as a computer or mobile device. The POS provides...
PHISHING
Phishing is a veteran method used by hackers to gather personal information through deceptive e-mails and websites that seem legitimate. The attacker attempts to trick the email recipient into believing that the message is something they need. It might take the form of a request from their bank, or a...
OPEN BANKING
Open banking is a reform obligating banks to permit customers to share their transaction data with third parties through application programming interfaces (APIs). Last year, the EU enacted the PSD2 regulation requiring banks in the European Union to comply with the open banking reform. Other countries, such as the UK...
FOREIGN CURRENCY EXCHANGE
When dealing with global markets, foreign currency exchange becomes a key issue. Buyers at various locations prefer to make payments in their local currencies. So, for example, if you are an American merchant selling online in China, your customers will want to pay in Yuans. Due to fluctuations in currency...