FinTech Jargon- Learn it. Speak it. Your all-in-one glossary exclusively for FinTech terms, acronyms, and more from G-M.

The use of location technologies such as GPS (Global Positioning System) or IP Address to identify and track a connected electronic device is known as Geolocation.

A Ghost Card is a credit card or prepaid card issued by the company with different numbers assigned to each department of the company. This enables the company to track purchases and expenses submitted for reimbursement by each department with ease.

Gross Merchandise Value/Volume is the total value of merchandise sold over a given period of time by a business, before any deduction of commission or fees.

Gross Transaction Value is same as GMV (Gross Merchandise Value) except the terminology is used by e-commerce businesses that do not hold an inventory such as Amazon, FlipKart, etc.

Infrastructure as a Service is a type of cloud computing in which IT infrastructure is provided to end users through the internet. Access to scalable computing capacity including virtual server space, network connections, bandwidth, and load balancers is provided to companies on a cost-effective subscription basis.

An interchange fee is charged by banks to the merchant who processes a credit or debit card payment. This fee covers the cost associated with accepting, processing and authorizing card transactions. The fee is determined by the Visa, MasterCard and other credit/debit card providers.

Another new portmanteau from the world of new and emerging industries. It is a combination of Insurance and Technology. It is the use of technology innovations to design an efficient and competitive business model that revolutionizes the traditional insurance industry.

Internet Protocol Address is a unique string of numbers assigned to every device connected to a network that uses Internet Protocol as the medium for communication.

The Issuing Bank or Issuer refers to the financial institution that provides credit/debit/pre-paid cards to customers on behalf of card networks like Visa, MasterCard, Discover, Amex, etc.

Know Your Customer- It is the process whereby a business verifies the identity of the client. It is a common lingo used in our banks, mobile service providers and any company who wish to know their customer, although it is common for financial institutions to use KYC as a requirement to do business.

Lending Technology enables people to securely access loans and banking services online. Banks and other financial lending companies can digitally process and manage loans using their LendTech platforms.

It is the method of paying multiple recipients simultaneously through an online transaction. Users can upload a document containing all the relevant data and process the payment or use a mass payment API to accomplish the same

A bank or financial institution that provides an account to a merchant for collecting proceeds from consumer bank account or payment transactions.

Credit Card Providers assign a merchant category to a business prior to issuing the card. It is a 4-digit number known as Merchant Category Code (MCC) that the credit card issuer assigns to classify businesses, based on goods and services being sold, to track and restrict transactions. Credit Card Issuers frequently add, eliminate, or change the MCCs’.

Merchant Discount Rate is a fee charged to merchants for processing debit and credit card transactions. It is typically between 1% - 3%.

Magnetic Ink Character Recognition is a string of characters that appear at the bottom left of the check. This technology is used to identify and process checks.

Merchant Identification Number is a unique identification number assigned to a business. It informs the payment processing systems involved in a transaction about the relevant accounts to send the transferred funds (transaction, settlement, refund, chargeback, etc.)

We have covered the most commonly used FinTech terms from letter G to M. Take a quick glance at our A-C section& D-F Section to catch up. Keep following to know more and become a FinTech Pro with acronyms and jargon that is you up to date with the new-gen vocabulary. Learn withPay10.