Page 93 - ITU-T Focus Group Digital Financial Services – Technology, innovation and competition
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ITU-T Focus Group Digital Financial Services
Technology, Innovation and Competition
Annex 1: Glossary
Term / Acronym Description
ATM Automatic teller machine
DFS Digital financial service
G2P Government to person
IMT International money transfer
NFC Near field communication
OTC Over the counter A transaction taking place directly between a consumer and mer-
chant. The merchant then facilitating the DFS transaction to the end recipient
POS Point of sale
P2P Person to person
RFID Radio frequency identification
SDOs Standards developing organizations
STK SIM tool kit
Token or Tokenization Something of low value representing something of high value (e.g., EMVCo. Specifi-
cation for replacement of permanent account number (PAN) with one-time token).
EMVCo exists to facilitate worldwide interoperability and acceptance of secure pay-
ment transactions.
USSD Unstructured supplementary service data: A rudimentary mobile telecom-controlled
technology that provides a text-based connection to many GSM mobile phones.
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