[AR] Payment & Fintech Glossary
[AR] A comprehensive guide to the key terms and concepts in digital payments, banking, and financial technology.
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[AR] Banking as a Service([AR] BaaS)
[AR] A model where licensed financial institutions provide their banking infrastructure (accounts, payments, cards) via APIs, allowing non-bank companies to embed financial services into their own products without needing a banking license.
[AR] Learn more →[AR] Cash-In / Cash-Out([AR] CICO)
[AR] The process of depositing (cash-in) or withdrawing (cash-out) physical cash from a digital wallet or payment account, typically through agent networks or ATMs.
[AR] Learn more →[AR] Card Issuing
[AR] The process of creating and distributing payment cards (physical or virtual) linked to customer accounts. Includes Visa, Mastercard, and local network cards.
[AR] Learn more →[AR] EMV([AR] Europay, Mastercard, Visa)
[AR] A global standard for chip-based payment cards and terminals. EMV chips generate unique transaction codes, making cards significantly harder to counterfeit than magnetic stripe cards.
[AR] Embedded Finance
[AR] The integration of financial services (payments, lending, insurance) directly into non-financial platforms and applications, such as e-commerce sites or ride-hailing apps.
[AR] Learn more →[AR] KYB([AR] Know Your Business)
[AR] The due diligence process for verifying the identity, ownership, and legitimacy of a business entity before onboarding them as a client. Required by Bank Al-Maghrib for all payment institutions.
[AR] Learn more →[AR] KYC([AR] Know Your Customer)
[AR] The mandatory process of verifying a customer's identity before providing financial services. Includes document verification, liveness checks, and sanctions screening.
[AR] Learn more →[AR] Merchant Discount Rate([AR] MDR)
[AR] The fee charged to a merchant for processing electronic payment transactions. It is typically a percentage of the transaction amount, shared between the acquirer, issuer, and card network.
[AR] NFC([AR] Near Field Communication)
[AR] A short-range wireless technology that enables contactless payments. When a customer taps their card or phone on a POS terminal, NFC securely transmits payment data.
[AR] PCI DSS([AR] Payment Card Industry Data Security Standard)
[AR] A set of security standards designed to ensure that all companies that accept, process, store, or transmit credit card information maintain a secure environment. PCI DSS compliance is mandatory for payment processors.
[AR] Payment Gateway
[AR] A technology that captures and transfers payment data from the customer to the acquirer. It acts as the bridge between an e-commerce website and the payment processor, encrypting sensitive information.
[AR] Learn more →[AR] POS Terminal([AR] Point of Sale)
[AR] A device used by merchants to accept card payments in physical locations. Includes traditional hardware terminals (TPE) and software-based solutions (Soft POS) that run on smartphones.
[AR] Learn more →[AR] PSP([AR] Payment Service Provider)
[AR] A company that provides merchants with the ability to accept electronic payments. PSPs handle the technical connection to payment networks and manage the transaction flow from initiation to settlement.
[AR] Learn more →[AR] Sandbox
[AR] A testing environment that simulates the production payment system. Developers use sandboxes to test their integrations without processing real money or affecting live accounts.
[AR] Learn more →[AR] Settlement
[AR] The process by which funds from a completed transaction are transferred from the payer's bank to the payee's bank. Settlement can be real-time or batched at end-of-day.
[AR] Learn more →[AR] Soft POS
[AR] A software solution that turns a standard smartphone or tablet into a payment acceptance terminal using NFC technology, eliminating the need for dedicated POS hardware.
[AR] Learn more →[AR] 3D Secure([AR] 3DS)
[AR] An authentication protocol for online card payments that adds an extra layer of security. The cardholder is asked to verify their identity (via SMS code, biometrics, or app confirmation) before the transaction is approved.
[AR] Tokenization
[AR] A security technique that replaces sensitive payment data (like card numbers) with a unique, non-reversible identifier called a token. Tokens can be used for transactions without exposing the actual card details.
[AR] TPE([AR] Terminal de Paiement Électronique)
[AR] The French term for an electronic payment terminal — a hardware device used at the point of sale to process card transactions. Widely used in Morocco and francophone Africa.
[AR] Learn more →[AR] Wallet
[AR] A digital account that stores funds electronically, allowing users to make payments, transfers, and receive money without a traditional bank account. Also known as e-wallet or mobile wallet.
[AR] Learn more →