FinTech buzzwords & acronyms- the language you need to speak if you are a newbie in the FinTech industry. One glance at the exclusive FinTech glossary, you are bound to learn more and learn easy. The one-stop destination for the newbies in the FinTech industry is here. Catch-up with words and acronyms from D, E & F.

Decentralized Finance allows people, merchants, and businesses to conduct financial transactions through peer-to-peer financial networks. The emerging technology eliminates service requirements from intermediaries like banks, financial institutions and third parties.

Loans accessed through an electronic or digital channel are known as Digital Credit. It is a nascent business model that enables end-users to directly access electronic money with smart, feature phone technology to register, score, approve, and distribute loans to borrowers.

The process of providing/ensuring affordable financial services and digital access to underbanked and the unbanked sector is known as Digital Financial Inclusion.

The process of identifying succinct information using large data files and structures is referred to as digital fingerprinting. The algorithm condenses large data into very small data sets enabling efficient identification.

A Digital Wallet, sometimes referred to as an Electronic Wallet or e-Wallet, is a mobile application that helps the end-user perform financial transactions. It securely stores bank account information, debit/credit card details, passwords and other payment information that enables the user to perform transactions.

Any Credit or Debit Card with a single embedded chip that enables user to use the card in both contact and contactless transactions is known as a Dual Interface Chip Card.

An electronic check or e-Check is designed to perform the same function as a conventional paper check but in electronic format.

Electronic Money or e-money is an electronic store of monetary value on a device that may be used for making payments and performing financial transactions. E-money does not necessarily involve banking account information to perform transactions or purchases.

Electronic Identity Verification uses both public and private data sources to acquire individual identity verification based on several criteria such as name, sex, address, Date of Birth, and so on.

Seamless integration of financial services into a mobile application is known as Embedded Finance.

Embedded Credit or Embedded Lending refers to non-financial entities providing financial credit to end-users or customers using APIs. They merely act as an intermediary between customers and lending institutions.

EuroPay Mastercard and Visa (EMV) refers to the security features used in their credit, debit, and prepaid cards that use a metallic chip instead of a magnetic stripe. This chip stores the cardholder information that can be authenticated by special readers.

The Foreign Exchange Market is referred to as Forex or FX. It enables trading of one nation’s currency for another in the global marketplace.

A Forex Card is a prepaid travel card that a customer can load with foreign currency of their choosing and use to make payments in the foreign country. It enables you to withdraw foreign cash from ATM.

FinTech is a portmanteau i.e., in short for Financial Technology. It is an umbrella term used to describe a nascent industry that aims to automate financial services using modern technology.

A FinTech Sandbox acts as a testing ground for new business models that are not protected by existing regulations. This allows start-ups and companies to test new services prior to becoming fully licensed within a representative environment.

This quirky term is again a new-age portmanteau, which is short for Free Premium. This is a strategy that offers a trial or limited version of a product or service for free, with the option to access additional features of the product or service for a fee.

Budgetary resources for start-ups, programs, and projects are referred to as Funding Sources. It may be in the form of grants, bonds, private donations, internal money, or other sources that are allocated for a company or an organization.

That is all for letters D-E-F. Take a quick glance at our A-C section to catch up. Keep following to know more and become a FinTech Pro with acronyms and jargon that keeps you up to date with the new-gen vocabulary. Learn with Pay10.