Page 353 - The Digital Financial Services (DFS) Ecosystem

ITU-T Focus Group Digital Financial Services

Ecosystem

participation to certain classes of providers.

receiving payee at the payee's provider .
Definition A payment type which is initiated by the payer , who instructs their provider to debit their account and "push" the funds to the A payment system or scheme designed for multiple providers to participate in. Payment system rules or national law may restrict A payment system used by a single provider , or a

constrained group of providers. merchant to a consumer's card issuing bank. customer (typically the provider). incentive for agent. payee. Requires some type of interoperability.

Alternative and Related T erms

Interconnectivity Swipe Fee, Merchant and Discount Fee

T erm

(continued) Push Payments Open-Loop Closed-Loop Interoperability Interchange Fees Commission Ubiquity

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