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* Related Definitions, Terms and Acronyms:
  • MasterCard PayPass - a new contactless payment feature that provides cardholders with a simpler way to pay by tapping a payment card or other payment device, such as a phone or key fob, on a point-of-sale terminal reader rather than swiping or inserting a card.
  • Bank - an institution that provides financial services, especially taking deposits and extending credit (e.g., loans).
  • Loan - a transfer or delivery of money from one party to another with the express or implied agreement that the sum will be repaid regardless of contingency and usually with interest.
  • Simple interest - interest that accrues linearly, growing by a certain fraction of the principal over equally-spaced time periods for the life of the loan.
  • Exxon-Mobil Speedpass - a loyalty card that also contains a mechanism for authorizing electronic payment for gasoline or other goods.

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