Univ.-Prof. Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.English-language economic definitions generated from approved international institutional sources.
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.
Cash placement refers to loading an electronic-payment account with banknotes or coins through a process started by the account holder. It increases the balance available for later electronic transactions and does not describe those transactions themselves.
A book-entry transaction is one carried out solely through records maintained in financial accounts. For investments, the relevant institution updates the holder's securities position instead of exchanging paper certificates. In payment services, it may also mean posting an amount to or from a customer's account based on an ongoing authorization, such as for receiving distributions… read more »