Anti-money laundering refers to the legal controls that require financial institutions to prevent or report money-laundering activities.
Combating the financing of terror refers to regulation that prevents the financing of terrorist activities.
|Contactless payments |
Contactless payments refers to transactions that are made by waving an RFID-enabled debit and credit card over a reader at the point of sale, resulting in reduced transaction time. Mobile contactless payments involve the use of NFC-enabled phones to perform the same function.
Electronic money refers to money that is stored on a device and which is only exchanged electronically, typically via the internet. Mobile payments are generally perceived as a subset of e-money. Other terms used to refer to e-money include e-currency, digital money and cybercash.
EMV is the standard backed by Europay, Mastercard and VISA International which ensures that their chip cards and chip card-based POS terminals and ATMs are interoperable.
Know your customer refers to due diligence and bank regulations that require companies to identify clients and secure relevant information pertinent to transactions.
Micro Secure Digital is a format for removable flash memory cards used in mobile handsets.
Near field communications is a short-range wireless technology derived from existing contactless identification technologies. Communication between NFC-compatible devices occurs when they are brought within four centimeters of each other. The short transmission range offers inherently high levels of security.
Point of sale refers to the point at which goods and services are received in exchange for payment. The term is also used to describe systems and equipment that record financial transactions.
Remittance in the broadest sense refers to payments made to a remote recipient. Often they refer to payments made between countries, such as a migrant worker sending money to relatives in another country.
Radio frequency identification refers to a technology that uses electronic tags on devices and wireless readers as an alternative to bar coding.
Radio frequency-subscriber identity module is a proprietary Chinese wireless technology that provides short-range connectivity and which can be used as an alternative to NFC. However, it operates at a frequency which makes it incompatible with certain contactless payments systems.
Single Wire Protocol refers to a specification for a single-wire connection between the SIM card and an NFC chip on a mobile phone. It was initially approved as a standard in October 2007.
Unstructured Supplementary Service Data refers to a technology protocol built into the GSM mobile standard that allows information to be transmitted via the network and which can be used for a variety of applications, including mobile payment.
Wireless Application Protocol is an open specification compatible with most mobile network standards that allows specially formatted web content to be displayed on mobile handset screens.