Glossary

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A bank or institution responsible for receiving, processing and/or switching transactions on behalf of a merchant.

A code that identifies a user as being authorized to complete a transaction. For example, a merchant receives an authorization code to confirm that a Credit Pay purchase has been approved. This auth code confirms that the Credit Pay payment is valid and that funds are available for the purchase.

A service that allows Alipay to automatically deduct payments from the payer's Alipay account or other payment instruments under the payer's Alipay account.

A six-digit number that is used to identify a bank.

Merchant scans customer-presented barcode/QR code to collect. See also "in-store payment".

An offline payment solution offered by Alipay for the in-store checkout, which enables merchants to collect money by scanning the barcode/QR code that is shown on customer’s Alipay wallet app. It is also known as the "merchant-scan solution".

Any weekday with the exception of holidays.

Customer scans merchant-presented QR code to pay. See also "in-store payment".

A 3-4 digit number on a credit or debit card that is used to enhance the authentication of the card.

See "card verification code".

To convert noncash assets to cash.

The process of transmitting, reconciling and, in some cases, confirming payment orders prior to settlement.

See "Zhima score".

A failure to meet the legal obligations (or conditions) of a loan on or before the due date.

See "in-store payment".

Foreign exchange (FX) is the exchange, or conversion, of one currency into another currency. The term Foreign Exchange is frequently abbreviated to ‘forex’ as well as ‘FX’.

A sum of money for a special purpose.

See "foreign exchange".

An individual or business that builds, develops and sells consumer or enterprise software.

A debt or loan that the principal and interest will be paid off in regular payments over a specified period.

Merchant scans customer-presented barcode/QR code to collect (B-scan-C), or customer scans merchant-presented QR code to pay (C-scan-B). See also "B-scan-C payment", "C-scan-B payment".

A four-digit number that represents the type of business the merchant engages.

An offline payment solution offered by Alipay for the in-store checkout, which uses a static QR code to represent the account of a merchant. Customers can scan the QR code and then input the amount to complete the payment.

See "in-store payment".

An instrument that enables the user to transfer funds.

See "preauthorization".

An act to authorize an Alipay payment that a merchant can capture later.

A type of payment that all or a portion of the deal is paid up front.

A procedure to verify whether two sets of records issued by two different entities match.

See "top up".

The denial (by one of the parties) of participation in all or part of a transaction, or of the content of a communication.

Rivest, Shamir, and Adleman. A commonly used asymmetric cryptographic algorithm.

A statistical formula that is used, usually with the help of computers, to estimate future performance of prospective borrowers and existing customers. A scoring model calculates scores based on data such as information on a consumer's credit report.

An act that discharges obligations in respect of funds between two or more parties. Normally, settlement is the completion of a transaction.

Currencies in which Alipay settles the payout for and delivers the payout to the merchants' Alipay accounts.

An authentication process. With single sign-on, users can access one or more systems by entering a single user ID and password.

See "face-to-face payment".

Society for Worldwide Interbank Financial Telecommunication: a cooperative organization created and owned by banks that operates a network which facilitates the exchange of payment and other financial messages between financial institutions (including broker-dealers and securities companies) throughout the world. A SWIFT payment message is an instruction to transfer funds; the exchange of funds (settlement) subsequently takes place over a payment system or through correspondent banking relationships.

An action to interfere so as to weaken or change for the worse.

An offline payment solution offered by Alipay for the in-store checkout, which uses a static QR code issued by an Alipay partner to represent the account of a merchant. Customers can scan the QR code and then input the amount to complete the payment.

Add more money to an account before the value drains down to zero. See also "reload".

An offline payment solution offered by Alipay for the in-store checkout, which uses a dynamically generated QR code to represent a transaction. Customers can scan the QR code to complete the payment.

A payment card that is not physically issued by the original card provider and usually contains a card number, a validity period, and a security code.

A list that contains all authorised individuals or instituations.

A number generated by a statistical model, which is used to objectively evaluate information when making a credit decision. The score ranges from 350 to 950.