EXPERIMENT: Web Payments Glossary

Terminology

payer

An entity that provides a source of funds as required by a transaction.

Related Term	Definition	Scheme	Relation	Reference
acceptor	An entity accepting payment related cards	Credit/Debit	Synonym	ISO_20022_CAPE
merchant	An entity which provides goods and/or services at one or several sites (physical or virtual). The merchant signs a contract with one or several acquirers. The merchant can perform the role of an acceptor or delegate it to another party (agent).	General	Specialization	ISO_20022_CAPE

payee

An entity that receives funds as required by a transaction.

Related Term	Definition	Scheme	Relation	Reference
customer	A party purchasing goods or services at a merchant	General	Specialization	ISO_20022_CAPE

transaction

An instance of an exchange of value such as buying or selling something.

Related Term	Definition	Scheme	Relation	Reference
transaction	An economic transaction is the whole of transfer of products, the rendering of services and transfers of money which are needed to complete a purchase or any other economic trade. An economic transaction can be seen as the complete economic session from start to finish between two or more parties.	General	Synonym	UETP
financial transaction	The act of a cardholder and a merchant or acquirer that results in the exchange of goods or services against payment.	Credit/Debit	Synonym	EMVCO_TOKEN

purchase

Activities surrounding and including a transaction (e.g., discovery of an offer, negotiation of terms, selection of payment instrument, delivery, etc.).

payment

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Related Term	Definition	Scheme	Relation	Reference
payment	A payment is the transfer of an item of value from one party (such as a person or company) to another in exchange for the provision of goods, services or both, or to fulfill a legal obligation. Thus, a payment is a transfer of one form of good, service or monetary unit in exchange for another form of good, service or monetary unit in proportions that have been previously agreed upon by all parties involved. payment can be made in the form of funds (including cryptocurrencies) or assets.	General	Synonym	UETP
payment	The basic service which allows the cardholder to pay for the purchase of goods and services from a card acceptor using their card applications or credentials	Credit/Debit	Synonym	EPC_Vol_1

payment scheme

Sets of rules and technical standards for the execution of payment transactions that have to be followed by adhering entities (payment processors, payers and payees).

Related Term	Definition	Scheme	Relation	Reference
payment network	An electronic payment system used to accept, transmit, or process transactions made by payment cards for money, goods, or services, and to transfer information and funds among Issuers, Acquirers, Payment Processors, Merchants, and Cardholders.	Credit/Debit	Synonym	EMVCO_TOKEN
four party scheme	A Card Scheme which includes the following stakeholders: The Cardholder, the Issuer (who has a relationship with the Cardholder), the Acceptor and the Acquirer (which has a relationship with the Acceptor). The Scheme defines the rules which apply to all parties; there are no limitations as to who may join the scheme, as long as the requirements of the scheme are met.	Credit	Specialization	EPC_Vol_1
three party scheme	A Card Scheme including the following Stakeholders: the Cardholder, the Issuer (who has a relationship with the Cardholder), the Acceptor and the Acquirer (who has a relationship with the Acceptor), but the Issuer and the Acquirer are the same entity.	Debit	Specialization	EPC_Vol_1

payment instrument

A mechanism used to transfer value from a payer to a payee (payment method).

Related Term	Definition	Scheme	Relation	Reference
debit card	A card enabling its holder to make purchases and/or withdraw cash and have these transactions directly and immediately debited from the accounts	Debit	Specialization	EPC_Vol_1
credit card	A card enabling its holder to make purchases and/or withdraw cash and have these transactions directly and immediately debited from the accounts	Credit	Specialization	EPC_Vol_1
user account	In Web-based payment providers, payers are identified to the payment processor via user accounts.	General	Specialization	None
virtual currency	Virtual Currency is a digital representation of value, not issued by a central bank, credit institution or e-money institution, which, in some circumstances, can be used as an alternative to money.	Digital Currency	Specialization	ECB

payment processor

Submits and processes payments using a particular payment instrument to a payment network.

Related Term	Definition	Scheme	Relation	Reference
payment processor	An entity that provides payment processing services for Acquirers and / or Issuers. A Payment Processor may in addition to processing provide operational, reporting and other services for the Acquirer or Card Issuer.	Credit/Debit	Synonym	EMVCO_TOKEN