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A card association is a network of issuing banks and acquiring banks that process payment cards of a specific brand.
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A card association is a network of issuing banks and acquiring banks that process payment cards of a specific brand.
Familiar payment card association brands include China UnionPay, RuPay, Visa, MasterCard, American Express, Discover, Diners Club, Troy and JCB. Visa, MasterCard and American Express issuers co-brand with their card association. for example, "Wells Fargo Visa" or "Citi MasterCard".
Card associations Visa and MasterCard each comprise over 20,000 card issuing banks. [1]
Among United States consumers alone, over 600 million payment cards are in circulation. [2]
Worldwide, Visa issuers have over 1.5 billion payment cards in circulation. [3] [4]
A debit card is a plastic payment card that can be used instead of cash when making purchases. It is similar to a credit card, but unlike a credit card, the money is immediately transferred directly from the cardholder's bank account when performing any transaction.
Electronic funds transfer at point of sale is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit or credit cards, at payment terminals located at points of sale. EFTPOS technology originated in the United States in 1981 and was adopted by other countries. In Australia and New Zealand, it is also the brand name of a specific system used for such payments; these systems are mainly country-specific and do not interconnect.
Visa Inc. is an American multinational financial services corporation headquartered in Foster City, California, United States. It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, debit cards and prepaid cards. Visa does not issue cards, extend credit or set rates and fees for consumers; rather, Visa provides financial institutions with Visa-branded payment products that they then use to offer credit, debit, prepaid and cash-access programs to their customers. In 2015, the Nilson Report, a publication that tracks the credit card industry, found that Visa's global network processed 100 billion transactions during 2014 with a total volume of US$6.8 trillion.
A charge card is a card that enables the cardholder to make purchases which are paid for by the card issuer, to whom the cardholder becomes indebted. The cardholder is obligated to repay the debt to the card issuer in full by the due date, usually on a monthly basis, or be subject to late fees and restrictions on further card use. Charge cards are distinct from credit cards in that credit cards are revolving credit instruments that do not need to be paid in full every month and a balance may be carried over, on which interest is paid. Charge cards are typically issued without spending limits, but credit cards usually have a specified credit limit that the cardholder may not exceed. Most charge cards are business and corporate charge cards, not personal charge cards. Charge cards are issued to customers with good or excellent credit score.
The American Express Company, also known as Amex, is an American multinational financial services corporation headquartered at 200 Vesey Street in New York City. The company was founded in 1850 and is one of the 30 components of the Dow Jones Industrial Average. The company is best known for its charge card, credit card, and traveler's cheque businesses.
Mastercard Incorporated is an American multinational financial services corporation headquartered in the Mastercard International Global Headquarters in Purchase, New York, United States. The Global Operations Headquarters is located in O'Fallon, Missouri, United States, a municipality of St. Charles County, Missouri. Throughout the world, its principal business is to process payments between the banks of merchants and the card issuing banks or credit unions of the purchasers who use the "Mastercard" brand debit, credit and prepaid cards to make purchases. Mastercard Worldwide has been a publicly traded company since 2006. Prior to its initial public offering, Mastercard Worldwide was a cooperative owned by the more than 25,000 financial institutions that issue its branded cards.
Discover is a credit card brand issued primarily in the United States. It was introduced by Sears in 1985. When launched, Discover did not charge an annual fee and offered a higher-than-normal credit limit, features that were disruptive to the existing credit card industry. A subsequent innovation was "Cashback Bonus" on purchases.
Laser was a debit card scheme in Ireland. The Laser scheme was maintained and operated by Laser Card Services Ltd., a not for profit body owned by four leading financial institutions in Ireland and overseen since 2008 by the Oversight Unit of the Central Bank. The scheme was launched in 1996, and in 2010, there were almost three million Laser cards in circulation.
Visa Debit is a major brand of debit card issued by Visa in many countries around the world. Numerous banks and financial institutions issue Visa Debit cards to their customers for access to their bank accounts. In many countries the Visa Debit functionality is often incorporated on the same plastic card that allows access to ATM and any domestic networks like EFTPOS or Interac.
UnionPay, also known as China UnionPay or by its abbreviation, CUP or UPI internationally, is a Chinese financial services corporation headquartered in Shanghai, China. It provides bank card services and a major card scheme in mainland China. Founded on 26 March 2002, China UnionPay is an association for China's banking card industry, operating under the approval of the People's Bank of China. It is also the only interbank network in China that links all the automatic teller machine (ATMs) of all banks throughout the country. It is also an electronic funds transfer at point of sale (EFTPOS) network.
Contactless payment systems are credit cards and debit cards, key fobs, smart cards, or other devices, including smartphones and other mobile devices, that use radio-frequency identification (RFID) or near field communication for making secure payments. The embedded integrated circuit chip and antenna enable consumers to wave their card, fob, or handheld device over a reader at the point of sale terminal. Contactless payments are made in close physical proximity, unlike mobile payments which use broad-area cellular or WiFi networks and do not involve close physical proximity.
Interchange fee is a term used in the payment card industry to describe a fee paid between banks for the acceptance of card-based transactions. Usually for sales/services transactions it is a fee that a merchant's bank pays a customer's bank ; and for cash transactions the interchange fee is paid from the issuer to acquirer, often called reverse interchange.
The payment card industry (PCI) denotes the debit, credit, prepaid, e-purse, ATM, and POS cards and associated businesses.
A payment card number, primary account number (PAN), or simply a card number, is the card identifier found on payment cards, such as credit cards and debit cards, as well as stored-value cards, gift cards and other similar cards. In some situations the card number is referred to as a bank card number. The card number is primarily a card identifier and does not directly identify the bank account number/s to which the card is/are linked by the issuing entity. The card number prefix identifies the issuer of the card, and the digits that follow are used by the issuing entity to identify the cardholder as a customer and which is then associated by the issuing entity with the customer's designated bank accounts. In the case of stored-value type cards, the association with a particular customer is only made if the prepaid card is reloadable. Card numbers are allocated in accordance with ISO/IEC 7812. The card number is usually prominently embossed on the front of a payment card, and is encoded on the magnetic stripe and chip, but may be imprinted on the back of the card.
An issuing bank is a bank that offers card association branded payment cards directly to consumers, such as credit cards, debit cards and prepaid cards. The name is derived from the practice of issuing cards to a consumer.
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts plus the other agreed charges. The card issuer creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance.
National Bank of the Republic of Uzbekistan for Foreign Economic Activity' Joint Stock Company, same as the National Bank of Uzbekistan (NBU) is universal commercial bank of Uzbekistan. It is the largest bank of Uzbekistan in the volume of assets combining the functions of project financing, universal commercial, investment and savings banks.
Card schemes are payment networks linked to payment cards, such as debit or credit cards, of which a bank or any other eligible financial institution can become a member. By becoming a member of the scheme, the member then gets the possibility to issue or acquire cards operating on the network of that card scheme.
RuPay is a card scheme, conceived and launched by the National Payments Corporation of India (NPCI) on 26 March 2012. It was created to fulfil the Reserve Bank of India's (RBI) vision to have a domestic, open and multilateral system of payments.
Isracard is an Israeli company that is made up of 4 different companies: Isracard LTD, Europay LTD, Aminit LTD and American Express Israel, which offers financial services - including credit card issuing, loans, credit solutions, and flexible payment options.
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