GLOSSARY
Apple Pay
Mobile wallet by Apple that tokenizes cards for contactless and in-app payments.
Apple Pay stores cards in the wallet and uses device biometrics plus network tokenization to secure payments. At POS it uses NFC; in apps and web it uses device tokens to authorize via the card network.
Benefits: fewer declined cards, stronger authentication, and reduced exposure of raw PANs. Merchants see Apple Pay as a card transaction, with costs driven by underlying credit or debit rails.
Related
Related terms.
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Acquirer
Bank or payment institution that signs merchants and routes their card transactions into the card networks.
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Card Fraud
Unauthorized card use or theft of credentials to initiate transactions.
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Card Network
Payment network (e.g., Visa/Mastercard) that sets rules and routes card transactions between issuers and acquirers.
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Chargeback
A forced payment reversal initiated by the cardholder’s bank after disputing a transaction.