What does "COT" stand for?

The term "COT" refers to "Consumer-Operated Terminal." This designation highlights the ability of consumers to interact directly with a payment terminal, allowing them to initiate and complete their transactions without requiring assistance from a cashier or attendant. Consumer-operated terminals are commonly used in various retail environments and can include self-service kiosks, ATM machines, and point-of-sale systems that enable customers to process payments independently.

Understanding this concept is crucial in the payments industry, as it reflects the ongoing trend towards self-service and automation in consumer transactions. It also aligns with consumer expectations for convenience and speed, making knowledge of such terms essential for anyone involved in payment processing or related fields.