Mobile wallet

Cashback is a financial reward where a percentage of the money spent or deposited is returned to the customer. It is commonly offered by credit cards, banks, retailers and online platforms to incentivise spending, saving or specific financial behaviors. Cashback can reduce overall costs and increase savings, making it a popular benefit across various industries.

A credit card is a payment card that enables users to make purchases or withdraw cash using borrowed funds, rather than money from their own bank account. Unlike a debit card, which instantly deducts the transaction amount from a linked account, a credit card allows users to borrow up to a set limit and repay it later, usually with interest.

A debit card is a payment card that enables users to make purchases or withdraw cash directly from their bank account, such as a checking or savings account. Unlike a credit card, which relies on borrowed funds, a debit card immediately deducts money from the user’s account when a transaction is made.

An interchange fee is a charge paid between banks for processing credit or debit card transactions. When a customer uses a card to make a purchase, the merchant’s bank (known as the acquiring bank) pays a fee to the customer’s bank (the issuing bank). This fee covers costs such as transaction handling, fraud prevention, and maintaining security.

Mastercard is a global payment network that enables secure electronic transactions between consumers, businesses, and financial institutions. It partners with banks and financial institutions to issue branded credit, debit, and prepaid cards, allowing users to make purchases in stores, online, and abroad.

A prepaid card is a payment card that is preloaded with a specific amount of money by the user or a third party. Unlike a debit or credit card, it is not directly linked to a bank account or a line of credit. Instead, users can only spend the amount of money that has been preloaded onto the card.