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Welfare Benefits Payments Graph
A payment is the trade of value from one party (such as a person or company) to another for goods, or services, or to fulfill a legal obligation. Payment can take a variety of forms. Barter, the exchange of one good or service for another, is a form of payment. The most common means of payment involve use of money, cheque, or debit, credit or bank transfers. Payments may also take complicated forms, such as stock issues or the transfer of anything of value or benefit to the parties. In US law, the payer is the party making a payment while the payee is the party receiving the payment. In trade, payments are frequently preceded by an invoice or bill. In general, the payee is at liberty to determine what method of payment he or she will accept; though normally laws require the payer to accept the country's legal tender up to a prescribed limit. Payment is most commonly effected in the local currency of the payee, unless if the parties agree otherwise
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Value (economics)
Economic value is a measure of the benefit provided by a good or service to an economic agent. It is generally measured relative to units of currency, and the interpretation is therefore "what is the maximum amount of money a specific actor is willing and able to pay for the good or service"? Among the competing schools of economic theory there are differing theories of value. Economic value is not the same as market price, nor is economic value the same thing as market value. If a consumer is willing to buy a good, it implies that the customer places a higher value on the good than the market price
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American Express
The American Express
American Express
Company, also known as Amex, is an American multinational financial services corporation headquartered in Three World Financial Center in New York City
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Magnetic Stripe Card
A magnetic stripe card is a type of card capable of storing data by modifying the magnetism of tiny iron-based magnetic particles on a band of magnetic material on the card. The magnetic stripe, sometimes called swipe card or magstripe, is read by swiping past a magnetic reading head. Magnetic stripe cards are commonly used in credit cards, identity cards, and transportation tickets. They may also contain an RFID
RFID
tag, a transponder device and/or a microchip mostly used for business premises access control or electronic payment. Magnetic recording on steel tape and wire was invented in Denmark around 1900 for recording audio.[1] In the 1950s, magnetic recording of digital computer data on plastic tape coated with iron oxide was invented. In 1960, IBM
IBM
used the magnetic tape idea to develop a reliable way of securing magnetic stripes to plastic cards,[2] under a contract with the US government for a security system
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Smartcard
A smart card, chip card, or integrated circuit card (ICC), is any pocket-sized card that has embedded integrated circuits.[1] Smart cards are made of plastic, generally polyvinyl chloride, but sometimes polyethylene-terephthalate-based polyesters, acrylonitrile butadiene styrene or polycarbonate. Since April 2009, a Japanese company has manufactured reusable financial smart cards made from paper.[2] Smart cards can be contact, contactless, or both
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Contactless Smart Card
A contactless smart card is a contactless credential whose dimensions are credit-card size. Its embedded integrated circuits can store (and sometimes process) data and communicate with a terminal via NFC. Commonplace uses include transit tickets and passports. There are two broad categories of contactless smart cards. Memory cards contain non-volatile memory storage components, and perhaps some specific security logic
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Mobile Payment
Mobile payment
Mobile payment
(also referred to as mobile money, mobile money transfer, and mobile wallet) generally refer to payment services operated under financial regulation and performed from or via a mobile device. Instead of paying with cash, cheque, or credit cards, a consumer can use a mobile to pay for a wide range of services and digital or hard goods
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Issuing Bank
An issuing bank is a bank that offers card association branded payment cards directly to consumers. The name is derived from the practice of issuing payment to the acquiring bank on behalf of its customer (the purchaser in the transaction). Detail[edit] The issuing bank assumes the primary liability for the consumer's capacity to pay off debts they incur with their card. In the case of credit cards, the issuing bank extends a line of credit to the consumer
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Acquiring Bank
An acquiring bank (also known simply as an acquirer) is a bank or financial institution that processes credit or debit card payments on behalf of a merchant.[1] The acquirer allows merchants to accept credit card payments from the card-issuing banks within an association. The best-known (credit) card associations are Visa, MasterCard, Discover, Indian Rupay, American Express, Diners Club, Japan Credit Bureau
Japan Credit Bureau
and China UnionPay. The acquiring bank enters into a contract with a merchant and offers it a merchant account. This arrangement provides the merchant with a line of credit
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Cash
In economics, cash is money in the physical form of currency, such as banknotes and coins. In bookkeeping and finance, cash is current assets comprising currency or currency equivalents that can be accessed immediately or near-immediately (as in the case of money market accounts). Cash
Cash
is seen either as a reserve for payments, in case of a structural or incidental negative cash flow or as a way to avoid a downturn on financial markets.Contents1 Etymology 2 History 3 Cashless society 4 See also 5 References 6 Further readingEtymology[edit] The English word "cash" originally meant "money box", and later came to have a secondary meaning "money". This secondary usage became the sole meaning in the 18th century
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Payment Service Provider
A payment service provider (PSP) offers shops online services for accepting electronic payments by a variety of payment methods including credit card, bank-based payments such as direct debit, bank transfer, and real-time bank transfer based on online banking. Typically, they use a software as a service model and form a single payment gateway for their clients (merchants) to multiple payment methods. Typically, a PSP can connect to multiple acquiring banks, card, and payment networks. In many cases, the PSP will fully manage these technical connections, relationships with the external network, and bank accounts. This makes the merchant less dependent on financial institutions and free from the task of establishing these connections directly, especially when operating internationally
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Diners Club
Diners Club International
Diners Club International
(DCI), founded as Diners Club, is a charge card company owned by Discover Financial
Discover Financial
Services. Formed in 1950 by Frank X
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Visa Inc.
Visa Inc.
Visa Inc.
(/ˈviːzə/ or /ˈviːsə/) (also known as Visa, stylized as VISA) is an American multinational financial services corporation headquartered in Foster City, California, United States.[3] It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, gift cards, and debit cards.[4] Visa does not issue cards, extend credit or set rates and fees for consumers; rather, Visa provides financial institutions with Visa-branded payment products that they then use to offer credit, debit, prepaid and cash-access programs to their customers. In 2015, the Nilson Report, a publication that tracks the credit card industry, found that Visa's global network (known as VisaNet) processed 100 billion transactions[clarification needed] with a total volume of US$6.8 trillion.[citation needed][5] Visa has operations across all continents worldwide with the exception of Antarctica
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MasterCard
Mastercard Incorporated (stylized as MasterCard
MasterCard
from 1979-2016 and mastercard since 2016) is an American multinational financial services corporation headquartered in the MasterCard
MasterCard
International Global Headquarters in Purchase, New York, United States.[2] The Global Operations Headquarters is located in O'Fallon, Missouri, United States, a suburb of St. Louis, Missouri. Throughout the world, its principal business is to process payments between the banks of merchants and the card issuing banks or credit unions of the purchasers who use the "Mastercard" brand debit and credit cards to make purchases. Mastercard Worldwide has been a publicly traded company since 2006
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Electronic Funds Transfer
Electronic Funds Transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff. EFT transactions are known by a number of names
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Maestro (debit Card)
Maestro
Maestro
(stylized as maestro) is a multi-national debit card service owned by Mastercard
Mastercard
that was founded in 1992. Maestro
Maestro
cards are obtained from associate banks and can be linked to the card holder's current account, or they can be prepaid cards. The cardholder presents the card at the point of sale (POS) and this is swiped through the payment terminal by the assistant or the customer, inserted into a chip and PIN device or read by a contactless reader
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