Blockchain Payment – Definition & Detailed Explanation – Payment Systems Glossary

What is Blockchain Payment? Blockchain payment refers to the use of blockchain technology to facilitate financial transactions. Blockchain is a decentralized, distributed ledger that records transactions across a network of computers. Each transaction is verified by multiple parties on the network, making it secure and transparent. Blockchain payment allows for peer-to-peer transactions without the need … Read more

Smart Card – Definition & Detailed Explanation – Payment Systems Glossary

What is a Smart Card? A smart card is a pocket-sized plastic card embedded with a microchip that stores and processes data. These cards are used for various applications, including identification, authentication, and payment transactions. Smart cards are designed to securely store information and perform tasks that require security and privacy. How do Smart Cards … Read more

Online Payment – Definition & Detailed Explanation – Payment Systems Glossary

What is an Online Payment? An online payment is a transaction that is conducted over the internet, allowing customers to make purchases or transfer money electronically. This method of payment has become increasingly popular due to its convenience and accessibility. Online payments can be made through various platforms such as e-commerce websites, mobile apps, and … Read more

Contactless Payment – Definition & Detailed Explanation – Payment Systems Glossary

What is Contactless Payment? Contactless payment is a method of payment that allows consumers to make transactions by simply tapping their contactless-enabled cards or mobile devices on a payment terminal. This technology uses radio-frequency identification (RFID) or near field communication (NFC) to securely transmit payment information between the card or device and the terminal. Contactless … Read more

Facial Recognition – Definition & Detailed Explanation – Payment Systems Glossary

What is Facial Recognition? Facial recognition is a biometric technology that uses facial features to identify or verify individuals. It works by analyzing unique facial characteristics, such as the distance between the eyes, the shape of the nose, and the contours of the face. This technology has gained popularity in recent years due to its … Read more

Payment Authorization – Definition & Detailed Explanation – Payment Systems Glossary

What is Payment Authorization? Payment Authorization is the process by which a merchant obtains approval from a customer’s financial institution to proceed with a payment transaction. It is a crucial step in the payment process that ensures the funds are available and the transaction is legitimate before completing the purchase. How does Payment Authorization work? … Read more

Radio Frequency Identification (RFID) – Definition & Detailed Explanation – Payment Systems Glossary

What is Radio Frequency Identification (RFID)? Radio Frequency Identification (RFID) is a technology that uses radio waves to identify and track objects. RFID systems consist of tags, readers, and a database. Tags are small electronic devices that contain a unique identifier and can be attached to objects. Readers are devices that send and receive radio … Read more