Payment Card

A type of payment instrument with electronically stored information, used repeatedly to identify the user of payment services and to access remotely a payment account or a pre-agreed credit limit between the cardholder and the payment service provider.

Payment Card - glossary for children

A plastic or digital card used to pay in shops or online and to take out cash from a cash machine. A PIN is used for security, and online payments have extra protection. The card can be debit or credit.

Payment card limit

The maximum amount of money that can be used with a given card during a specified period, such as daily, weekly, or monthly, as well as the number of transactions. The limit is set by the bank or financial institution that issued the card. For credit cards, there is also a credit limit representing the maximum loan amount the cardholder can use.

Payment - glossary for children

Giving money in exchange for goods or services.

Payment Institution

A licensed entity that provides payment services, such as money transfers, issuance of payment instruments, or payment processing, in accordance with the law on payment services and payment systems.

Payment Instrument

Any means used to make a payment without using cash, including debit and credit cards, electronic money, cheques, and other financial instruments for transferring value.

Payment Service Provider

A type of financial institution, including banks, payment institutions, and electronic money institutions, which intermediates payments. On the websites of payment service providers, the main services offered in connection with the account and all applicable fees must be described.

Payment System

A set of rules, procedures, and technical infrastructure that enables the transfer of funds between economic entities.

‘Pay yourself first’

A personal finance management approach where a portion of income is set aside for savings before allocating funds to other expenses.

‘Pay yourself first’