Mobile Payments & Internet Payments Flashcards
Money rendered for a product or service through portable electronic devices, such as cell phones, smartphones, or a tablet device
Mobile Payments
Is a place, such as a checkout counter of a store, where a customer makes the payment for goods or services.
Point of Sale
A payment that allows 2 devices - your phone and a payment’s terminal - to process contact less payments using close proximity radio frequency identification.
Near Field Communication (NFC)
Mobile payments or pay-by-sound uses an advanced, ultra-low power, wireless transmission technology to transmit data via sound waves that originate from POS terminals.
Sound wave-based (SWB) or Sound Signal-based (SSB)
Makes use of a magnetic signal to process payment using a secure tokenization system.
Magnetic Secure Transmission (MST)
Stores payment information on mobile devices. It also works through complex encryption and tokenization to process specific transactions
Mobile Wallet or Digital Wallet
Are the trademark of a type of matrix barcode (type 2D barcode) readable by smartphones used in e-commorce to process payments.
Quick Response (QR) codes
Also called Premium SMS payments, it simply means paying for products or services via a text message.
Short message service (SMS)
Similar to SMS payments, because you pay through your mobile carrier instead of using bank or card details, the payment will then be added to your phone bill or prepaid SIM card as with SMS payment.
Direct carrier billing (DCB)
A payment that can be done on desktops, laptops, or even phones (as in mobile payment)
Internet Payment
Used to be the most common facility on smartphones through a more limited-capacity WAP browser or app.
Wireless Application Protocol (WAP)
Payments to credit cards or other bills need to be paid, are scheduled to be automatically paid on a certain date from funds of the payee with a certain bank, just like a debit card.
Auto Pay
Most commonly referring to button/link sent in an email, text message app, or over social media to process a transaction for a specific merchant.
Payment links or Pay by Link
Is an umbrella term for the new generation of cutting-edge, fully digital banking services classified as a type of financial technology (fintech) solution.
Neobank
Is an umbrella term for the new generation of cutting-edge, fully digital banking services classified as a type of financial technology (fintech) solution.
Neobank
