GlossaryReference

A person, organization, or software agent that is capable of interacting with the world.

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

Any individual that has been issued a financial account provisioned to a Card by a Card Issuer

The person who presents the card to the acceptor for provision of goods or services. The cardholder signs the agreement with the card issuer to use a card linked to an account.

An entity that receives funds as required by a transaction.

The entity that initiates a payment transaction and presents transaction data to the Acquirer, typically a Merchant

An entity receiving payment for goods, services, or other things of value; abstractly known as a payee.

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).

An entity accepting payment related cards

An entity paying to receive goods, services, or other things of value; abstractly known as a payer.

A party purchasing goods or services at a merchant

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

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.

[UETP]

The act of a cardholder and a merchant or acquirer that results in the exchange of goods or services against payment.

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

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.

A financial transaction is an agreement, communication, or movement carried out between a buyer and a seller to exchange an asset for payment. It involves a change in the status of the finances of two or more businesses or individuals.

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

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).

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.

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.

See also the Context page

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.

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

A card enabling its holder to make purchases and/or withdraw cash and have these transactions directly and immediately debited from the accounts

A card that enables a cardholder to make purchases and/or withdraw cash up to a prearranged credit limit. The credit granted may be either settled in full by the end of a specified period, or settled in part, with the balance taken as extended credit (on which interest is usually charged).

E.g. PayPal

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.

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

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.