Payments Jargon Explained🤓
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#paymentsjargon
As new #technology emerges faster than ever, it is definitely harder to keep up with the latest development in #payment innovations. #Blockchain and #Web3 are introducing a whole new vocabulary, which takes a bit of head scratching to grasp.
Interestingly, looking through some of the new words additions and sub-additions that made it into the OED [Oxford English Dictionary] for the first time between 2021 and March 2022, there were quite some surprises to note:
➡️ #Contactless, adj. and n.: “Not involving contact (in various senses) - yep, only just made it into the OED for the first time🤨
➡️ #Gigeconomy, n.: “A labour market characterized by a prevalence of short-term contracts and freelance work, as distinct from permanent, full-time employment.”👏🏼
➡️ #Crossborder, adj.2: “That crosses or spans borders between countries; involving activity or movement across a border between two countries, or between businesses…”... Quite surprising😲
➡️ Consumer-driven, n.: “determined by #consumerdemand; motivated or influenced by the needs and wishes of consumers.” Who would have thought🤷🏼♀️
➡️ Womxn, n.: “Women. Also occasionally as singular: a woman.” Not payment related but this was a strange one that we have not come across spelt in this way before🤔!
As far as payment goes, here is a simplified glossary of payments jargon to keep handy. Hope it helps!
