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E-commerce
AI agents are moving beyond answering questions to searching, deciding, and paying on behalf of users. This post explains Agentic Commerce and what it means for payment systems, digital wallets, e-money institutions, banks, and fintechs.
Payment Systems
“Brick and mortar” refers to a business's physical presence in a building. In banking, it describes the traditional branch-based model of face-to-face contact between bank and customer.
ATM
ATMs, which let us meet our cash needs, pay card debt, make transfers, and even withdraw or deposit cash via QR code without a card, have started losing popularity after all these years.
Credit Card
BIN is short for Bank Identification Number: a unique, bank-specific number created under ISO/IEC 7812 standards that shows which bank a card belongs to. It is the first 6 digits of a card.
ISO 8583
The card's Track 2 data is carried in this field. Track 2 data contains information such as the card number, expiry date and service code.
Credit Card
First, your card must be enabled for e-commerce transactions, with domestic and international authorizations usually managed separately. Second, your card must be eligible for 3D Secure transactions.
Open Banking
Embedded Finance means integrating financial products and services into non-financial platforms, experiences or business processes. In other words, services offered by financial institutions become part of the product or service flows of non-financial organizations.
Laws & Regulations
Under the Directive, payments made through telecom operators cover the purchase of digital services such as music, digital newspapers, e-tickets or charity donations, within certain amount thresholds.
Cryptocurrency
Cryptocurrencies are becoming part of everyday life and are expected to compete seriously with card payments. This glossary explains the key crypto terms, from address, altcoin and arbitrage to halving, mining, proof of stake and stop-loss.
Mobile Payments
New developments emerge every day in payment systems and digital payments. The Economic Reforms Action Plan, published by the Ministry of Treasury and Finance, includes several items of close interest to fintechs, such as TROY, BKM representation, digital banking licensing and CBRT access.
Payment System Institutions
The European Payments Initiative (EPI), formerly known as PEPSI, is an ECB-backed payment integration initiative aiming to build a pan-European payment system and interbank network to rival Mastercard and Visa. Its founding members include BBVA, BNP Paribas, CaixaBank, Commerzbank and others.
Credit Card
ISO/IEC 7812 is a standard that primarily describes the card numbering system and the application and registration procedures. Identification cards, in physical or digital form, are an integral part of operations in many industries.