Glossary of Terms

Advertising is any paid form of non- personal presentation and promotion of ideas, goods or services through mass media such as newspapers, magazines, television or radio by an identified sponsor. 

The bank is a financial institution which deals with cash in-flows, outflows, credits etc. It lends money to the needy, accepts the deposits, acts as intermediary between the lenders and the borrowers. They will not only deal with money but are also the producers of the money.

Electronic methods of payment have been defined as a method of transferring money according to electronic technology, thereby facilitating the exchange in a safe and fast manner at the lowest possible cost.

Information technology (IT) is “the study, design, development, implementation, support or management of computer-based information systems, particularly software applications and computer hardware.”

Marketing means the movement of goods and services from manufacturer to customer in order to satisfy the customer and to achieve the company’s objectives.

Payment systems are systems that facilitate businesses and consumers to transfer funds to one another.