Glossary
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.
Pension
A source of income during the retirement period, forming part of each person's life course. There are different types of pensions, which are granted upon meeting the corresponding legal requirements.
Pension for Insured Length of Service and Age
This type of pension is linked to employment and can be granted on various grounds and under different conditions, depending on the nature of the work performed.
Pension Fund Unit
A unit representing the value of assets owned and managed by a pension fund. Units reflect the proportional share of each insured person in the total value of the fund. They are calculated daily, with the value of one unit determined by dividing the net asset value of the fund at a given moment by the total number of issued units. The accumulated funds in a number of individual account are represented as a number of units, which are multiplied by the current unit value to determine the current value of the account.
Pension - glossary for children
Money that people receive every month when they stop working because of age or health reasons.
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