FinTech Glossary- Learn the new terms and acronyms in the FinTech World. Your all-in-one dictionary exclusively made for the emerging FinTech industry is here. Learn from letters Q to Z.

A Quick Response Code is a type of 2-Dimensional unique bar code which is machine readable. It is used to provide easy access to online information or payment portals using a digital camera on a smart phone.

Reserve Bank of India is India’s central bank and regulatory body responsible for regulation of the Indian Banking system. It is under the ownership of Ministry of Finance, Government of India.

Payment Reconciliation is an accounting process that ensures internal records of the payment due owed by a company match the transactions that appear on the corresponding banks, credit cards and other financial institutions.

Businesses with subscription model- from magazines to electricity bill requires a Recurring Payment Model where the customers authorize the merchant to automatically pull funds from their accounts at pre-defined regular intervals for products or services being purchased on a regular basis.

A Payment Refund is the process where funds paid by a customer are transferred from the merchant account, back to the customer. It can either be a complete refund or a partial refund of a specific transaction based on the terms and conditions accepted by the customer during the time of purchase.

Regulatory Technology or RegTech is a subset of FinTech that focuses on delivery of effective regulatory requirements efficiently.

Real-Time Data is data that is made available as soon as it is created or acquired, without any lag. Businesses use real-time data to improve customer service, manage products, and optimize operations.

Real Time Gross Settlement is a continuous and real-time (instant) settlement of fund transfer of money and/or securities. This payment mode is done individually on a transaction-by-transaction basis (without netting).

Software-as-a-Service is a form of cloud computing that delivers applications and all its underlying IT infrastructure, over the internet. Businesses simply access it via the internet, liberating themselves from installing and maintaining complex software and hardware management.

It is a Peer-to-Peer (P2P) economic model that enables acquiring, providing, or sharing access to goods and services using a community-based online platform.

According to RBI guidelines, these prepaid cards, are redeemable only at a group of clearly identified merchants or establishments that have a contract specifically with the issuer to accept the use of semi closed loop prepaid cards. The user cannot withdraw or redeem it with an uncontracted merchant.

A Split Payment involves using multiple payment sources to settle the whole cost of a single transaction.

Secure Sockets Layer Certification ensures internet transactions are secure with digital passports (Data encryption process) that provide authentication to protect integrity and confidentiality of website communication with browsers.

Secure Sockets Layer Certification ensures internet transactions are secure with digital passports (Data encryption process) that provide authentication to protect integrity and confidentiality of website communication with browsers.

Merchants who get onboarded with a Payment Gateway Platform through a partner are known as the Sub-Merchant. The Payment Gateway provider assigns a sub-merchant account (affiliate account) to manage payments on the main merchant’s application.

Surcharge refers to an additional charge, fee, or tax that is added to the cost of a product or service.

A Surge Charge or Surge Pricing is added to the initial quoted price due to high demand during peak hours in a specific location. The charges are withdrawn when the demand normalizes.

Turnaround Time refers to the time taken for processing a request, from the time of submission to the time of completion.

Transaction Discount Rate is a rate charged by a Payment Processing Service such as a Payment Gateway to the merchant for processing a given transaction. The merchant must agree to a specific rate before setting up to accept debit or credit card payments.

Technology Enabled Service uses technology to better deliver the service it provides. Technology is the primary input for a TES, as opposed to labor.

Tokenization is a method of replacing sensitive data with unique tokens that retains all the sensitive information without compromising the security of the data.

Transactions ser second represents the number of transactions completed within the time frame of one second.

Third-Party Validation is the process of using a third-party organization or an outside organization to review and confirm a customer’s information and intentions to ensure accuracy of the data. It is mandatory requirement for merchants in BFSI sector.

Depending on the context, TPV may also refer to Transaction Payment Volume which is also called Gross Transaction Value.

Underwriting refers to the process of evaluating and assuming another party’s risk/liability and thus guaranteeing completion of payment.

Unified Payments Interface (UPI) is an initiative by NPCI, is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one payment mode.

An amount levied before a specific piece of work or service is done or received is known as an Upfront Deduction.

Unique Transaction Reference Number helps verify the progress of a particular bank transaction. All banks in India are mandated to use UTR numbers for all forms of money transfers. The number is generated by the bank conducting the transfer.

Velocity Controls are settings that determine transaction thresholds for a specific merchant. This allows a merchant to monitor the transaction flow.

Virtual Card is also known as an e-Card or an electronic Card, is a Debit/Credit Card that is not a physical plastic card. Instead, it is a set of 16 digits with all features similar to a credit/debit card number with a CVV code.

When a Visa Card is used online for purchase in an e-commerce website, the Verified by Visa, the password-protected authentication system confirms the identity of the cardholder. It helps prevent fraudulent transactions.

White Label Solution refers to products or services that are created and/or maintained and sold by one company to another for the second company to use their own branding on the product/service as their own.

That is all the FinTech buzzwords from Q to Z. Catch up with our sections from A-C section, D-F Section, G-M Section, & N-P Section to catch up. Subscribe 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.