Payment & Card-on-File Glossary
A reference guide to the essential terms and concepts used in card-on-file automation and modern payment technology. This section helps banks, credit unions, and fintech partners understand the systems, processes, and industry language behind securely saving, updating, and managing payment credentials across digital commerce.
Card-on-File
A payment method where a cardholder’s credentials are stored by a merchant for future transactions, enabling one-click purchases.
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Top of Wallet
The strategy of making a payment card the default or first choice for consumer spending, both physical wallets and digital payment flows.
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Card Switching
Technology that automates updating the default payment card across multiple online merchant accounts simultaneously.
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Interchange Revenue
Fees earned by card-issuing banks when a cardholder makes a purchase, representing a primary revenue stream for FIs.
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Payment Tokenization
Security that replaces sensitive card data with a unique token, protecting cardholder information during card-on-file transactions.
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