Glossary

Glossary

BIN : Bank Identification Number. The first six-digits of credit card number to uniquely identify financial institutions.

Brick and mortar : The term that refers to a business that has a physical store; opposite of online store.

(CVC2/CVV2) : Card Verification Code and Card Verification Value : A three digit code printed on the cardholder signature panel allows e-payments when the card is not physically accessible.

Credit card network / processor : Company responsible for communicating the transaction between the acquirer and the credit card issuer. E.g. MasterCard, Visa, Rupay

Double spend : A type of fraud where same cryptocurrency is spent in more than one transactions.

E-wallets : Electronic purses allow users to make electronic transactions quickly and securely

Gift cards : A magnetic stripe or chip card that holds the value of money to offer as a gift by a E-business

Internet banking : Is the activity of buying or selling of commodities through online services or over the Internet

PIN : Personal Identification Number. A static number that is assigned to consumers to secure card based payments.

Point of sale (POS) : Merchant’s electronic device that enables the e-payments. It reads the card information from EMV or magnetic strip