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This dictionary provides definitions for key terms and concepts used throughout Peere Network’s identity-based payment system.

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Core Concepts

Fundamental Terms

An economic model where transactions happen seamlessly without visible payment instruments. Customers pay using their identity, making the payment process “invisible” to the user experience.
An encrypted string that represents a billing agreement between a customer, their bank, and a merchant. This phrase grants permission to bill the customer based on agreed settings and spending limits.
A unique identifier used to find and communicate with customers through their banks. Used by merchants to initiate one-time billing or discover customers for recurring and on-demand billing.

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Payment Operations

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Billing Process

Billing Terminology

A request from a merchant to establish a billing agreement with a customer. The customer decides whether to approve, deny, or set spending limits for future transactions.
The customer’s response to a billing intent. Options include: - approve_once: Requires approval for each transaction - approve_recurring: Grants permission for future billing - deny: Rejects the billing agreement - suspended: Temporarily pauses billing capability
Financial constraints set by customers on their billing agreements: - Single: Maximum amount per transaction - Daily: Maximum amount per day - Weekly: Maximum amount per week - Monthly: Maximum amount per month
An actual attempt by a merchant to charge a customer using an approved agreement phrase. Requires prior billing agreement.

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Transaction Types

One-Time Payment

Single transaction that requires individual customer approval each time

Recurring Payment

Automated billing for subscriptions or regular services with pre-approved limits

On-Demand Payment

Instant billing when customer uses a service (like ride-sharing or delivery)

Scheduled Payment

Payments processed at specific intervals (daily, weekly, monthly)

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Technical Terms

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API and Integration

Technical Concepts

Real-time HTTP notifications sent by Peere Network to your application when specific events occur (payment completion, customer decisions, etc.).
Unique identifier for customer devices (phones, tablets, computers) that enables automatic customer discovery when they visit merchant websites or apps.
Processing multiple operations (customer migration, merchant onboarding) in groups for efficiency and rate limit management.
API usage restrictions that limit the number of requests per time period to ensure fair usage and system stability.
Authentication method using API keys in the Authorization header for secure API access.

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Status and States

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Transaction Status

pending: Transaction initiated but not yet processedcompleted: Transaction successfully processed and settledfailed: Transaction could not be completed due to errorreversed: Transaction was reversed or cancelledrefunded: Full refund issued for the transactionrefunded_partial: Partial refund issued for the transaction

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Financial Terms

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Currency and Amounts

Financial Concepts

The primary currency for transactions in a region (e.g., NGN for Nigeria, USD for United States).
The process of transferring funds from customer accounts to merchant accounts after successful transactions.
Pre-funded account balance used for instant transaction processing before actual bank settlement.
Transaction fee charged by Peere Network for payment processing services.
Return of funds to customer, either full or partial, for a completed transaction.

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Trust and Verification

Basic Trust

Features: Standard billing operations Limits: Basic transaction limits Requirements: Minimal verification

Enhanced Trust

Features: Device lookup, advanced billing Limits: Higher transaction limits Requirements: Business verification

Premium Trust

Features: Full feature access, priority support Limits: Maximum transaction limits Requirements: Full KYC and compliance

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Regional Terms

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Nigeria-Specific

Nigerian Market Terms

NGN: Nigerian Naira currency code CBN: Central Bank of Nigeria (regulatory authority) BVN: Bank Verification Number (customer identifier) NUBAN: Nigeria Uniform Bank Account Number format

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Acronyms and Abbreviations

API: Application Programming InterfaceHTTP: HyperText Transfer ProtocolJSON: JavaScript Object NotationREST: Representational State TransferSDK: Software Development KitURL: Uniform Resource LocatorUUID: Universally Unique Identifier

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Usage Examples

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Common Phrases in Context

{
  "agreementPhrases": ["customer-unique-phrase-123"],
  "amount": 1500,
  "currency": "NGN",
  "description": "Monthly subscription payment"
}

API Reference

Detailed API endpoint documentation

Integration Guides

Step-by-step integration tutorials

Webhooks Guide

Real-time notification setup

Status Codes

HTTP response code meanings