Term Definition

Acquirer The term is applicable in the following cases: (a) The entity that holds deposit accounts for card acceptors, i.e. merchants, and to which the card acceptor transmits the data relating to the transactions. The acquirer is responsible for the collection of transaction information and settlement with the acceptors. (b) In point-of-sale (POS) transactions, the entity to which the acceptor, usually a merchant, transmits the information necessary in order to process the card payment. The acquirer is the entity that manages the account of the merchant. (c) In automated teller machine (ATM) transactions, the entity which makes banknotes available to the cardholder, whether directly or via the use of third-party providers. (d) The entity which provides terminals, regardless of the ownership of the terminals.

Acquiring Means services enabling a payee to accept a payment instrument or a payment transaction, by providing authentication, authorisation, and settling services resulting in a transfer of funds to the payee.

Agent ‘Agent’ has the same meaning as defined in Article 4 of Directive 2007/64/EC.

ATM (automated teller machine) Electromechanical device that allows authorised users, typically using machine-readable physical cards, to withdraw cash from their accounts and/or access other services, allowing them, for example, to make balance enquiries, transfer funds or deposit money. A device allowing only balance enquiries does not qualify as an ATM. The ATM may be operated online, with a real-time request for authorisation, or offline.

ATM cash deposit (except e-money transactions) Cash deposit performed at an ATM using a card with a cash function. Includes all transactions in which cash is deposited at a terminal, without manual intervention, and the payer is identified with a payment card.

ATM cash withdrawal (except e-money transactions) Cash withdrawal performed at an ATM using a card with a cash function. Cash advances at POS terminals using a card with a debit, credit or delayed debit function are only included if they are unconnected to a payment transaction. Cash withdrawals together with a payment transaction are not included. Instead, these are ‘POS transactions’.

ATM transactions (except e-money transactions) Cash withdrawals or cash deposits performed at an ATM using a card with a cash function, which comprises all relevant transactions initiated with a card, i.e.: (a) All transactions in which the acquirer and the issuer of the card are different entities; and (b) All transactions in which the acquirer and the issuer of the card are the same entity. E-money payment transactions are not included.

ATM with a cash withdrawal function ATM allowing authorised users to withdraw cash from their accounts by using a card with a cash function.

ATM with a credit transfer function ATM allowing authorised users to make credit transfers using a payment card.

Branch A place of business other than the head office located in the reporting country and established by a payment service provider (PSP) legally incorporated in another country. It has no legal personality and directly carries out some or all of the transactions inherent in the business of a PSP. All of the places of business set up in the reporting country by the same institution legally incorporated in another country constitute a single branch. Each of these places of business is counted as an individual office.

Brand A particular payment product, especially a card, that has been licensed by its owner for use in a given territory.

Card A device that can be used by its holder either to conduct transactions or to withdraw money. Cards offer the cardholder, in accordance with the agreement with the card issuer, one or more of the following functions: cash, debit, delayed debit, credit and e-money. Cards linked to an e-money account are included in the category ‘cards with an e-money function’ as well as in other categories according to the functions offered by the card. Cards are counted on the sending participant’s side (i.e. the card-issuing side).

Card issuer A financial institution that makes payment cards available to cardholders, authorises transactions at POS terminals or ATMs and guarantees payment to the acquirer for transactions that are in conformity with the rules of the relevant scheme. In the case of three-party schemes, the card issuer is the card scheme itself. In the case of four-party schemes, the following entities can be card issuers: (a) a credit institution; (b) an undertaking which is a member of a card scheme and has a contractual relationship with a cardholder that results in the provision and use of a card of that card scheme.

Cards on which e-money can be stored directly E-money held on a card in the e-money holder’s possession. Refer also to the definition of ‘electronic money’.

Card payment Payment transaction performed with a card with a debit, credit or delayed debit function at a terminal or via other channels.

Card payment initiated at a physical EFTPOS Electronically initiated card payment transaction at a physical POS allowing electronic fund transfers. This item typically includes payments with cards through an electronic funds transfer at point of sale (EFTPOS) terminal at a merchant’s location. It does not include e-money payment transactions.

Card payments with cards issued by resident PSPs (except cards with an e-money function only) Payment transactions performed using cards with a debit, credit or delayed debit function at a terminal or via other channels. All payment transactions initiated with a card are included, i.e: (a) all transactions in which the acquirer and the issuer of the card are different entities; and (b) all transactions in which the acquirer and the issuer of the card are the same entity. Deductions from the PSP’s account resulting from the settlement of a card transaction in which the acquirer and the issuer of the card are the same entity are included. Payment transactions by telephone or over the internet using a card are included. E-money payment transactions are not included. Cash withdrawals and deposits at ATMs are not included. These are reported as ‘ATM cash withdrawals’ or ‘ATM cash deposits’. Credit transfers at ATMs are not included. These are reported as ‘credit transfers’. Cash advances at POS terminals are not included.

Card payments with cards issued by resident PSPs initiated remotely Electronically initiated card payment transactions which are not initiated at a physical POS terminal. This item typically includes payments with cards for products and services purchased by telephone or over the internet.

Card scheme A technical and commercial arrangement set up to serve one or more brands of card which provides the organisational, legal and operational framework necessary for the functioning of the services marketed by those brands. A three-party card scheme is a card scheme involving the following stakeholders: (a) the card scheme itself, which acts as issuer and acquirer; (b) the cardholder; (c) the accepting party. A four-party card scheme is a card scheme where the stakeholders involved are: (a) the issuer; (b) the acquirer; (c) the cardholder; (d) the card acceptor. In the case of ATM transactions, it is usually the acquirer that offers its services via the ATM.

Cards which give access to e-money stored on e-money accounts Refer to definition of ‘e-money accounts’.

Card with a cash function A card enabling the holder to withdraw cash from an ATM and/or to deposit cash to an ATM.

Card with a combined debit, cash and e-money function A card issued by a PSP, which has a combined cash, debit and e-money function.

Card with a credit or delayed debit function A card which has a credit or delayed debit function. This category is only reported if the data cannot be broken down into ‘cards with a credit function’ and ‘cards with a delayed debit function’.

Card with a credit function A card enabling cardholders to make purchases and in some cases also to withdraw cash up to a pre-arranged ceiling. The credit granted may be settled in full by the end of a specified period or may be settled in part, with the balance taken as extended credit on which interest is usually charged. The distinguishing feature of a card with a credit function, in contrast to a card with a debit function or a delayed debit function, is the contractual agreement granting the cardholder a credit line allowing for extended credit.

Card with a debit or delayed debit function A card which has a debit function or a delayed debit function. This category is only reported if the data cannot be broken down into ‘cards with a debit function’ and ‘cards with a delayed debit function’.

Card with a debit function A card enabling cardholders to have their purchases directly and immediately charged to their accounts, whether held with the card issuer or not. A card with a debit function may be linked to an account offering overdraft facilities as an additional feature. The number of cards with a debit function refers to the total number of cards in circulation and not to the number of accounts to which the cards are linked. The distinguishing feature of a card with a debit function, in contrast to a card with a credit function or a delayed debit function, is the contractual agreement to charge purchases directly to funds on the cardholder’s current account.

Card with a delayed debit function A card enabling cardholders to have their purchases charged to an account with the card issuer, up to an authorised limit. The balance in this account is then settled in full at the end of a pre-defined period. The holder is usually charged an annual fee. The distinguishing feature of a card with a delayed debit function, in contrast to a card with a credit function or a debit function, is the contractual agreement granting a credit line but with an obligation to settle the debt incurred at the end of a pre-defined period. This type of card is commonly referred to as a ‘charge card’.

Card with a payment function (except cards with an e-money function only) A card which has at least one of the following functions: a debit function, delayed debit function or credit function. The card may also have other functions, such as an e-money function, but cards with only an e-money function are not counted in this category.

Card with an e-money function A card enabling e-money transactions. Cards on which e-money can be stored directly and cards which give access to e-money stored on e-money accounts are included.

Card with an e-money function which has been loaded at least once A card with an e-money function which has been loaded at least once and can thus be considered activated. Loading may be interpreted as indicative of the intention to use the e-money function.

Cash Banknotes and coins in the vaults of monetary financial institutions (MFIs). Commemorative coins that are not commonly used to conduct payment transactions are not included.

Cash advance at POS terminals Transactions in which the cardholder receives cash at a POS terminal in combination with a payment transaction for goods or services. If it is not possible to distinguish data on cash advances at POS terminals, these are reported as ‘POS transactions’.

Central bank A financial corporation and quasi-corporation whose principal function is to issue currency, to maintain the internal and external value of the currency and to hold all or part of the international reserves of the country.

Cheque A written order from one party, i.e. the drawer, to another, i.e. the drawee, which is normally a credit institution, requiring the drawee to pay a specified sum on demand to the drawer or to a third party specified by the drawer.

Clearing and settlement organisation Any clearing and settlement organisation which is a direct participant in a payment system.

Concentration ratio Concentration ratio in terms of volume: the ratio of the number, i.e. volume, of transactions sent by the five largest participants of a payment system and the total number, i.e. volume, of transactions sent via the payment system. Concentration ratio in terms of value: the ratio of the value of transactions sent by the five largest participants of a payment system and the total value of transactions sent via the payment system.

Credit institution ‘Credit institution’ has the same meaning as defined in Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council (1).

Credit transfer Payment service which allows the payer to instruct the institution holding its account to transfer funds to the beneficiary. It is a payment order or a sequence of payment orders made for the purpose of placing funds at the disposal of the beneficiary. Both the payment order and the funds described therein move from the PSP of the payer to the PSP of the payee, i.e. the beneficiary, possibly via several other credit institutions as intermediaries and/or one or more payment and settlement systems. Transactions involving cash at one or both ends of the payment transaction, and using a credit transfer payment service, are included as credit transfers. Credit transfers initiated at an ATM with a credit transfer function are also included.

Credit transfers of which: non-SEPA Credit transfers which do not comply with the requirements for Single Euro Payments Area (SEPA) credit transfers, as stipulated in Regulation (EU) No 260/2012 of the European Parliament and of the Council (2).

Credit transfers initiated in paper-based form Credit transfer which the payer submits in paper-based form.

Credit transfers initiated in a file/batch An electronically initiated credit transfer that is part of a group of credit transfers jointly initiated by the payer via a dedicated line. Each credit transfer contained in a batch is counted as a separate credit transfer when reporting the number of transactions.

Credit transfers initiated electronically Any credit transfer which the payer submits without the use of paper forms, i.e. electronically. Includes submissions by telefax or other means, such as automated telephone banking, if they are transformed into electronic payments without manual intervention. Includes standing orders originally submitted in paper-based form but then executed electronically. Includes credit transfers which are executed by a PSP on the basis of a financial service, if the financial service is initiated electronically, or if the form of submission of the service is not known and the PSP executed the transfer electronically. Includes credit transfers initiated at an ATM with a credit transfer function.

Credit transfers initiated on a single payment basis An electronically initiated credit transfer that is initiated independently, i.e. that is not part of a group of credit transfers jointly initiated.

Cross-border transaction A payment transaction initiated by a payer or by a payee, where the payer’s PSP and the payee’s PSP are located in different countries. Specifically, in the case of payment systems: a payment transaction between participants located in different countries.

Transaction received A transaction involving non-MFIs received from PSPs Information is provided in the reporting country by the resident PSP. For different payment services, the following applies: (a) credit transfers are counted on the payee’s side; (b) direct debits are counted on the payer’s side; (c) cheques are counted on the payer’s side; (d) card transactions are counted on the payee’s, i.e. acquiring side; (e) e-money payment transactions are counted on either the payer’s or the payee’s side, depending on the initiation channel. If counted on the payer’s (payee’s) side under transactions received, the transaction should be counted on the payee’s (payer’s) side under transactions sent.

Transaction sent A transaction involving non-MFIs sent to PSPs. Information is provided in the reporting country by the resident PSP. For different payment services, the following applies: (a) credit transfers are counted on the payer’s side; (b) direct debits are counted on the payee’s side; (c) cheques are counted on the payee’s side; (d) card transactions are counted on the payer’s, i.e. the issuing, side. (e) e-money payment transactions are counted on either the payer’s or the payee’s side, depending on the initiation channel. If counted on the payer’s (payee’s) side under transactions sent, the transaction should be counted on the payee’s (payer’s) side under transactions received. Concerning payment systems, this is a transaction sent by a participant for processing by the payment system.

Direct debit A payment service for debiting a payer’s payment account, potentially on a recurrent basis, where a payment transaction is initiated by the payee on the basis of the payer’s consent given to the payee, to the payee’s PSP or to the payer’s own PSP.

Direct debits of which: non-SEPA Direct debits which do not comply with the requirements for SEPA direct debits, as stipulated in Regulation (EU) No 260/2012.

Direct debit initiated in a file/batch An electronically initiated direct debit that is part of a group of direct debits jointly initiated by the payer. Each direct debit contained in a batch is counted as a separate direct debit when reporting the number of transactions.

Direct debit initiated on a single payment basis An electronically initiated direct debit that is independent from other direct debits, i.e. that is not part of a group of direct debits jointly initiated.

Direct participant An entity which is identified or recognised by a payment system and is authorised to send and receive payment orders directly to and from the system without an intermediary or is directly bound by the rules governing the payment system. In some systems, direct participants also exchange orders on behalf of indirect participants. Every participant with individual access to the system is counted separately.

Domestic payment transaction ‘Domestic payment transaction’ has the same meaning as ‘national payment transaction’ as defined in Article 2 of Regulation (EU) No 260/2012.

EFTPOS terminals EFTPOS terminals which capture payment information by electronic means and are designed, in some cases, to transmit such information either online, with a real-time request for authorisation, or offline. Includes unattended terminals.

Electronic money Electronically, including magnetically, stored monetary value as represented by a claim on the issuer which is issued on receipt of funds for the purpose of making payment transactions as defined in Article 4(5) of Directive 2007/64/EC, and which is accepted by a natural or legal person other than the electronic money issuer.

Electronic money institution ‘Electronic money institution’ has the same meaning as defined in Article 2 of Directive 2009/110/EC.

Electronic money issuer ‘Electronic money issuer’ has the same meaning as defined in Article 2 of Directive 2009/110/EC.

E-money accounts Accounts where electronic money is stored. The balance in the account can be used by the account holder to make payments and to transfer funds between accounts. Cards on which e-money can be stored directly are excluded.

E-money accounts accessed through a card Refer to definitions for ‘e-money accounts’ and ‘card with an e-money function’.

E-money card terminal Terminal allowing the transfer of electronic value from an issuer of electronic money to a card with an e-money function and vice versa or from the balance on the card to the balance of a beneficiary.

E-money card-accepting terminal Terminal allowing holders of e-money on a card with an e-money function to transfer e-money value from their balance to the balance of the merchant or other beneficiary.

E-money card-loading and unloading terminal Terminal allowing the transfer of electronic value from an issuer of electronic money to the holder of a card with an e-money function and vice versa, i.e. loading and unloading.

E-money card-loading and unloading Transactions allowing the transfer of e-money value from an issuer of e-money to a card with an e-money function and vice versa. Both loading and unloading transactions are included.

E-money payment A transaction whereby a holder of e-money transfers e-money value from its own balance to the balance of the beneficiary, either with a card on which e-money can be stored directly or with other e-money accounts.

E-money payment with cards on which e-money can be stored directly A transaction whereby the holder of a card with an e-money function transfers e-money value from its balance stored on the card to the balance of the beneficiary.

E-money payment with e-money accounts A transaction whereby funds are transferred from the e-money account of a payer, to the account of a payee. See the definition of ‘e-money accounts’.

E-money payment with e-money accounts of which: accessed through a card A transaction whereby a card is used to access an e-money account and subsequently funds are transferred from the e-money account of the payer, to the account of a payee. See the definition of ‘e-money accounts’.

E-money scheme A set of technical concepts, rules, protocols, algorithms, functions, legal and contractual agreements, commercial agreements and administrative procedures which form the basis for the provision of a particular e-money product. This may also include the provision of a number of marketing, processing or other services to its members.

Funds Banknotes and coins, scriptural money and electronic money.

Indirect participant A participant, in a payment system with a tiering arrangement, that uses a direct participant as an intermediary to perform some of the activities, in particular, settlement allowed in the system. All transactions by an indirect participant are settled on the account of a direct participant that has agreed to represent the indirect participant in question. Every participant that can be addressed individually in the system is counted separately, whether or not a legal link exists between two or more such participants.

Institutions offering payment services to non-MFIs Comprises all PSPs, of which selected indicators for credit institutions, payment institutions and e-money issuers, are to be reported in Table 1.

Merchant An entity that is authorised to receive funds in exchange for the delivery of goods and/or services and has established an agreement with a PSP, for accepting these funds.

Monetary financial institutions (MFIs) MFIs consist of all institutional units included in the sub-sectors central bank (S.121), deposit-taking corporations except the central bank (S.122) and money market funds (MMF) (S.123) as set out in the revised European System of Accounts laid down in Regulation (EU) No 549/2013 of the European Parliament and of the Council of 21 May 2013 on the European system of national and regional accounts in the European Union (3).

Non-MFI Any natural or legal person who does not belong to the MFI sector. For the purpose of payments statistics, all PSPs are excluded from the ‘non-MFIs’ sector.

Number of overnight deposits Number of accounts holding deposits which are convertible into currency and/or transferable on demand by cheque, bankers’ order, debit entry or similar means without significant delay, restriction or penalty.

Number of overnight deposits of which: number of internet/PC linked overnight deposits Number of overnight deposit accounts held by non-MFIs which the account holder can access and use electronically via the internet or with PC banking applications via dedicated software and dedicated telecommunication lines.

Number of transferable overnight deposits Number of overnight deposit accounts holding deposits which are directly transferable on demand to make payments to other economic agents by commonly used means of payment, without significant delay, restriction or penalty.

Transferable deposits Deposits within the category ‘overnight deposits’, which are directly transferable on demand to make payments to other economic agents by commonly used means of payment, without significant delay, restriction or penalty.

Number of transferable overnight deposits of which: number of internet/PC linked overnight transferable deposits Number of transferable overnight deposit accounts held by non-MFIs which the account holder can access and use electronically via the internet or with PC banking applications via dedicated software and dedicated telecommunication lines.

Other direct participants Any direct participant in a payment system, excluding credit institutions and central banks.

Other e-money issuer E-money issuers other than ‘e-money institutions’ and ‘credit institutions’. Refer to the definition of ‘e-money issuers’.

Other financial institutions All financial institutions participating in a payment system that are under the supervision of the relevant authorities, i.e. either the central bank or the prudential supervisor, but not falling within the definition of credit institutions.

Other payment services Comprises payment services as defined in Article 4 of Directive 2007/64/EC not explicitly listed in this Regulation.

Outstanding value on e-money storages issued by electronic money issuers Value, at the end of the reporting period, of e-money issued by electronic money issuers and held by entities other than the issuer, including e-money issuers other than the issuer.

Payer ‘Payer’ has the same meaning as defined in Article 4 of Directive 2007/64/EC.

Payee ‘Payee’ has the same meaning as defined in Article 4 of Directive 2007/64/EC.

Payment account ‘Payment account’ has the same meaning as defined in Article 4 of Directive 2007/64/EC.

Payment initiation service Payment initiation services initiate payment transactions via an internet-enabled payment account. The services are provided by third party entities, which do not issue the employed payment account themselves.

Payment institution ‘Payment institution’ has the same meaning as defined in Article 4 of Directive 2007/64/EC.

Payment instrument ‘Payment instrument’ has the same meaning as defined in Article 4 of Directive 2007/64/EC.

Payment service providers (PSPs) ‘Payment service providers’ are those listed in Article 1 of Directive 2007/64/EC.

Payment services ‘Payment services’ has the same meaning as in Article 4 of Directive 2007/64/EC.

Payment system ‘Payment system’ has the same meaning as defined in Article 4 of Directive 2007/64/EC.

Payment transaction ‘Payment transaction’ has the same meaning as defined in Article 4 of Directive 2007/64/EC.

Payments with cards with a credit and/or delayed debit function Payment transactions performed with cards with a credit and/or delayed debit function at a physical terminal or via other channels. This sub-category is only reported if the data cannot be broken down into ‘payments with cards with a credit function’ and ‘payments with cards with a delayed debit function’.

Payments with cards with a credit function Payment transactions performed with cards with a credit function at a physical terminal or via other channels.

Payments with cards with a debit and/or delayed debit function Payment transactions performed with cards with a debit and/or delayed debit function at a physical terminal or via other channels. This sub-category is only reported if the data cannot be broken down into ‘payments with cards with a debit function’ and ‘payments with cards with a delayed debit function’.

Payments with cards with a debit function Payment transactions performed with cards with a debit function at a physical terminal or via other channels.

Payments with cards with a delayed debit function Payment transactions performed with cards with a delayed debit function at a physical terminal or via other channels.

POS terminal A POS device allowing the use of payment cards at a physical (not virtual) point of sale. The payment information is captured either manually on paper vouchers or by electronic means, i.e. EFTPOS. The POS terminal is designed to enable transmission of information either online, with a real-time request for authorisation, and/or offline.

POS transactions (except e-money transactions) Transactions performed through a POS terminal using a card with a debit, credit or delayed debit function. Transactions using a card with an e-money function are not included.

Public administration Institutional units which are non-market producers whose output is intended for individual and collective consumption, and are financed by compulsory payments made by units belonging to other sectors, and institutional units principally engaged in the redistribution of national income and wealth, as defined in respect of the general government sector.

Total number of cards (irrespective of the number of functions on the card) Total number of cards in circulation. These may have one or more of the following functions: cash, debit, credit, delayed debit or e-money.

Total payment transactions involving non-MFIs Total number of transactions using payment instruments involving non-MFIs. Total value of transactions using payment instruments involving non-MFIs.

Total transactions sent Total number of transactions submitted to and processed in a given payment system. Total value of transactions submitted to and processed in a given payment system.

Transactions at terminals provided by resident PSPs with cards issued by resident PSPs Payment transactions carried out at all terminals acquired by resident PSPs (i.e. whether terminals are located in, or outside, the country of location of the PSP) and where the cards used in the transactions are issued by resident PSPs. Geographical breakdowns (as specified in Annex III) refer to the country of location of the terminals.

Transactions at terminals provided by resident PSPs with cards issued by non-resident PSPs Payment transactions carried out at all terminals acquired by resident PSPs (i.e. whether terminals are located in, or outside, the country of location of the PSP) and where the cards used in the transactions are issued by non-resident PSPs. Geographical breakdowns (as specified in Annex III) refer to the country of location of the terminals.