BYOD is top of the list of new payment terms/acronyms that we're adding to our Payments Glossary this month. Mobile inspired terms are dominating our payments conversations and digital wallets, DMB and showrooming are being debated as we wait in line to pay for coffee with our phone. To stay on top of the latest payment lingo or, if you just want to brush up on your MLSs and EMVs, please click onto our glossary pages.
These new terms are important to know for anyone in the payments industry today. Here are some of the newest entries to add to your vocabulary:
BYOD - Bring Your Own Device, usually in reference to the growing trend of employees that bring their own smartphones, laptops or tablets to the office to facilitate work. There is some concern over the security issues present with the use of outside (personal) devices in the workplace.
CFPB - Consumer Financial Protection Bureau. The CFPB is a Federal government agency that supervises banks, credit unions and other financial companies in the enforcement of Federal consumer financial laws.
Digital Wallet - Digital wallets are applications that store a virtual copy of wallet content for use in online or offline payment transactions. PayPal and Google Wallet are examples of digital wallets.
DMB - Direct Mobile Billing. DMB is a method of paying by charging the purchase to the user's cell phone account.
NFC - Near Field Communications. NFC is a short range wireless technology that is often used in mobile and electronic payment transactions.
Proximity payments - Proximity payments utilize NFC to enable payments to be made by mobile device at the point of sale. Consumers hold their mobile device close to the payment terminal and the amount purchased is deducted from a pre-paid account, a mobile account, or a bank account.
PSP - Payment Service Provider.
QR code - A Quick Response code is a two-dimensional barcode-like image that can be read by software on a smartphone, usually via a downloadable app, or a QR code scanner. Once scanned, QR codes connect users to mobile-optimized web pages for online information including web sites, text, photos or videos. QR codes are a mobile-friendly way to direct people in an offline space to online resources.
Showrooming - Showrooming occurs when consumers research a product in a store but purchase the product online, often at a large ecommerce site such as Amazon.
Check out the complete list on our Payments Glossary pages or download our booklet for future reference. More terms to include? Let us know what new terms you are hearing (or using) when you talk with merchants and payment providers these days.