Digital Banking & Payments

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20 key terms | One-line exam reference

Abbreviation	One-line meaning
AEPS	Aadhaar Enabled Payment System — banking service using Aadhaar authentication.
ATM	Automated Teller Machine — self-service machine for cash and basic transactions.
BBPS	Bharat Bill Payment System — interoperable platform for recurring bill payments.
CBDC	Central Bank Digital Currency — digital form of sovereign currency.
CDM	Cash Deposit Machine — self-service machine for depositing cash.
CVV	Card Verification Value — security code used to validate card transactions.
IFSC	Indian Financial System Code — eleven-character identifier for a bank branch.
IMPS	Immediate Payment Service — instant, round-the-clock interbank fund transfer service.
MICR	Magnetic Ink Character Recognition — cheque-processing technology.
NACH	National Automated Clearing House — platform for recurring and bulk electronic transactions.
NEFT	National Electronic Funds Transfer — system for transferring money between bank accounts.
OTP	One-Time Password — temporary password used for authentication.
PIN	Personal Identification Number — confidential number used to authenticate transactions.
POS	Point of Sale — device or location where a card or digital payment is accepted.
PPI	Prepaid Payment Instrument — instrument allowing payment for value loaded in advance.
QR	Quick Response — two-dimensional code used to encode payment information.
RTGS	Real Time Gross Settlement — real-time settlement system for high-value transfers.
SWIFT	Society for Worldwide Interbank Financial Telecommunication — secure network for payment messages.
UPI	Unified Payments Interface — instant account-to-account payment system.
USSD	Unstructured Supplementary Service Data — menu-based mobile banking without internet.

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