Payments Glossary
A complete reference of payments terms from participant types to transaction processes.
Digital Wallet
A digital wallet stores payment credentials and enables checkout without presenting the underlying card.
Open Banking Payments
Open Banking Payments enable account-to-account transfers via regulated bank APIs with no interchange fees.
Interchange-Plus Pricing
Interchange-plus pricing passes actual interchange costs to merchants at cost plus a fixed acquirer markup, giving full transparency on acceptance costs.
Settlement
Payment settlement is the process of transferring captured transaction funds from issuing bank through card network to the merchant's account.
High Availability
High availability in payments ensures transaction processing continues without interruption through redundant infrastructure.
QR Code Payment
QR Code Payments enable transactions via scanned codes, dominant in Asia-Pacific and emerging in Latin America.
Payment Operations
Payment Operations (PayOps) is the business function managing reconciliation, settlement, disputes, and payment performance across a merchant's stack.
Device Fingerprinting
Device fingerprinting identifies devices by their technical attributes to detect fraud and recognise trusted returning customers.
CVV Verification
CVV verification validates the card security code during card-not-present transactions to confirm physical card possession.