Alipay, China's leading third-party online payment solutionAlipay, China's leading third-party online payment solution

      Glossary

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      #acquirer

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


      #auth code

      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.


      #auto debit

      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.


      #Bank Identifier Code (BIC)

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


      #B-scan-C payment

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


      #barcode 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".


      #business day

      Any weekday with the exception of holidays.


      #C-scan-B payment

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


      #card validation code (CVC)

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


      #card verification value (CVV)

      See "card verification code".


      #cash out

      To convert noncash assets to cash.


      #clearing

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


      #credit score

      See "Zhima score".


      #default

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


      #face-to-face payment

      See "in-store payment".


      #foreign exchange

      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’.


      #funds

      A sum of money for a special purpose.


      #FX / forex

      See "foreign exchange".


      #independent software vendor (ISV)

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


      #installment debt

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


      #in-store payment

      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".


      #merchant category code (MCC)

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


      #merchant QR code payment

      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.


      #offline payment

      See "in-store payment".


      #payment instrument

      An instrument that enables the user to transfer funds.


      #preauth

      See "preauthorization".


      #preauthorization

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


      #prefunding

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


      #reconciliation

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


      #reload

      See "top up".


      #repudiation

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


      #RSA

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


      #scoring model

      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.


      #settlement

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


      #settlement currency

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


      #single sign on (SSO)

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


      #spot payment

      See "face-to-face payment".


      #SWIFT

      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.


      #tamper

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


      #third-party merchant QR code payment

      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.


      #top up

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


      #transaction QR code payment

      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.


      #virtual card

      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.


      #white list

      A list that contains all authorised individuals or instituations.


      #Zhima Credit score

      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.