A virtual credit card is a digital version of a physical credit card, specifically used for online payments.

The Bank Identification Number (BIN) is a unique combination of numbers that identifies credit card institutions and is used in online payments.

A Comerciante is an actor in e-commerce who sells goods and services over the Internet. They use payment service providers to process transactions securely and efficiently.

A payment gateway is a technical interface that securely transmits payment information between the online shop and the payment processor in encrypted form and authorises the transaction.

An acquirer is a financial institution that processes card payments on behalf of the Comerciante and transfers the transaction amount to the Comerciante account.

An issuer is the bank or financial institution that issues a credit or debit card to the cardholder and is responsible for authorizing transactions.

A chargeback is the reversal of a card payment initiated by the cardholder or their bank — for example, in cases of fraud, non-delivery, or incorrect debiting.

3D Secure is a security protocol for online card payments that requires an additional authentication of the cardholder — known as Visa Secure or Mastercard Identity Check.

Authorization is the process whereby the issuer approves or declines a card payment — based on account balance, credit limit and security rules.

The BIC (Business Identifier Code) is an international bank code that uniquely identifies financial institutions worldwide — also known as a SWIFT code.

Checkout is the payment process in an online shop during which customers complete their order, select a payment method, and initiate the payment.

The CVC (Card Verification Code) or CVV (Card Verification Value) is a 3- or 4-digit security code on credit and debit cards, which is used for verification during online payments.

NFC (Near Field Communication) is a short-range wireless transmission technology that enables contactless payment with cards, smartphones, and wearables.

Direct Debit is a payment method in which the payee collects the amount directly from the payer's bank account — with their consent.

A credit card is a means of payment that grants the cardholder a credit limit. Purchases are accumulated and billed at the end of the month or in installments.

FinTech (Financial Technology) refers to companies that offer financial services using innovative technologies — from payment processing and lending to asset management.

The IBAN (International Bank Account Number) is a standardized account number that uniquely identifies bank accounts worldwide and is used for national and international transfers.

ISO 20022 is an international standard for electronic data exchange in payment transactions, which forms the basis for QR-bills and CAMT messages in Switzerland.

Multi-factor authentication (MFA) is a security process that combines at least two independent factors for identity verification — e.g. password plus SMS code or fingerprint.

E-commerce (electronic commerce) refers to the buying and selling of goods and services over the Internet — including all associated payment and logistics processes.

An e-wallet (digital wallet) is a software or app that stores payment information digitally and enables payments online or in person — e.g. Apple Pay, Google Pay or TWINT.

EMV is a global security standard for chip cards and card terminals that was developed by Europay, Mastercard and Visa, replacing the magnetic stripe as a security feature.

PCI DSS (Payment Card Industry Data Security Standard) is a security standard for protecting credit card data that all companies processing, storing, or transmitting card data must comply with.

SSL (Secure Sockets Layer) and its successor TLS (Transport Layer Security) are encryption protocols that ensure secure data transmission between browser and server.

SEPA (Single Euro Payments Area) is a unified euro payment area that standardises credit transfers, direct debits and card payments across 36 European countries.

POS (Point of Sale) refers to the physical location where a sales transaction takes place — as well as the card terminal that processes the payment on site.

Tokenisation replaces sensitive card data with a unique token — a random value that is worthless to fraudsters but can be used for authorised subsequent transactions.

A PSP (Payment Service Provider) is a payment provider that offers Comerciantes the technical infrastructure and contracts for accepting electronic payments from a single source.

A payment order is the instruction given to a bank or a payment provider to transfer a specific amount to a defined recipient IBAN.

Instant Payments are real-time payments where the amount is credited to the recipient's account within a few seconds — 24/7, 365 days a year.

Open banking enables external providers to access banking data and initiate payments via standardized APIs — with the consent of the account holder.

Subscription Payments (recurring payments) are automatic, regular charges for subscriptions — e.g., monthly, quarterly, or annually.

PSD2 is the European Payment Services Directive that regulates Open Banking, Strong Customer Authentication (SCA), and competition in payment transactions.

An online transaction is an electronic payment processed over the internet — from the impulse to buy in the online shop to the credit on the Comerciante account.

Payment methods are the various ways in which customers can pay — from credit cards and TWINT to purchase on invoice. Payment instrument is the specific tool (card, app, invoice).

Payment authentication refers to the verification of the payer's identity during a transaction — e.g., via PIN, fingerprint, SMS code, or banking app.

Real-time processing refers to the immediate processing of a payment — from authorization to settlement — without any time delay.

A payment confirmation is the message to Comerciantes and buyers that a transaction has been successfully authorized and processed.

Card payment systems are the networks and infrastructures that process card payments between cardholders, Comerciantes, acquirers and issuers — e.g. Visa, Mastercard, AMEX.

Contactless payment enables payments by briefly holding the card, smartphone, or smartwatch near an NFC-enabled terminal — fast, secure, and without a PIN for small amounts.

Digital wallets store payment information on smartphones and enable payments online and on-site — e.g. Apple Pay, Google Pay, TWINT and PayPal.

Transaction fees are the costs that Comerciantes pay per electronic payment to their payment service provider, the acquirer and the card network.

Payment information security includes all measures to protect sensitive payment data — from encryption and tokenization to PCI DSS compliance.

The online payment process includes all steps from selecting the payment method in the checkout to payment confirmation — including authorization, authentication, and settlement.

Payment infrastructure refers to the entirety of all systems, networks and institutions that enable electronic payment transactions — from card networks to banks to PSPs.