Univ.-Prof. Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.English-language economic definitions generated from approved international institutional sources.
A cheque is a banking instrument that allows an account holder to request that funds be transferred from their account to an identified payee, or in some cases to the account holder themselves. It is processed by the relevant financial institution when presented, subject to applicable banking procedures and the availability of funds.
A chip card, or smart card, is a payment credential with an integrated circuit that can securely retain data and perform certain operations during a transaction. Unlike cards that merely present account details for processing elsewhere, it contains computing functionality that supports card-based payments.