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Digital asset payments glossary: 20 terms explained in plain English

From wallet and network fee to settlement and KYC — the vocabulary you meet when paying with a digital asset payment card, explained simply.

Published Updated 2 min readBy the SCHWARZMAN team

Key takeaways

  • You do not need to be an expert to use a payment card — but a few terms make the app easier to understand.
  • Most terms come from two worlds: digital assets (wallet, network, stablecoin) and payments (authorisation, settlement, card network).

Digital assets

Digital asset
A digital representation of value recorded on a blockchain, such as Bitcoin, Ether or USDT.
Wallet
A digital purse that holds and manages digital assets. Your SCHWARZMAN wallet is inside the app.
Deposit address
The unique address you send assets to in order to fund your account.
Network fee
The fee charged by the blockchain for processing a transfer. Set by the network, not by SCHWARZMAN.
Confirmation
The point at which the network has recorded your transfer. Funds are available once confirmed.
Stablecoin
A digital asset designed to stay close to the value of a fiat currency, for example USDT to the US dollar.
USDT
A widely used USD stablecoin. One USDT is designed to be worth roughly one US dollar, although the price can deviate.
SHOP Token
The digital asset in which SCHWARZMAN cashback is paid. Its value can rise or fall.
Swap
Exchanging one digital asset for another, for example SHOP Token to USDT, in the app.
Holding rewards
Setting aside part of your balance for a period in exchange for variable rewards of up to the rate shown in the app; not guaranteed.

Payments

Payment card
A card that lets you pay at merchants from a funded balance. SCHWARZMAN starts with a virtual card; a physical card will follow.
Card network
The infrastructure connecting cards to merchants worldwide; it also sets the exchange rate for foreign-currency payments.
Card program
The regulated set-up of issuer, processor and brand partner behind a card.
Authorisation
The instant check at checkout that your balance and limits allow the payment.
Settlement
The final completion of a payment, usually a few days after authorisation. Cashback is credited after settlement.
Conversion
Changing the required amount from your chosen asset into USD at the moment of payment.
Card payment fee
The percentage charged on each card payment. At SCHWARZMAN it is 3%, the same in every currency.
Limit
The maximum you can spend per transaction, day or month. Shown in the app.
KYC
'Know Your Customer' — the identity verification every customer completes during onboarding.
Eligibility
Whether you can be approved, depending on your jurisdiction and profile, after compliance review.

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