A debit card, also known as a check card or bank card, is a payment card that can be used in place of cash to make purchases. The card usually consists of the bank's name, a card number, the cardholder's name, and an expiration date, on either the front or the back. Many new cards now have a chip on them, which allows people to use their card by touch (contactless), or by inserting the card and keying in a PIN as with swiping the magnetic stripe. Debit cards are similar to a credit card, but the money for the purchase must be in the cardholder's bank account at the time of the purchase and is immediately transferred directly from that account to the merchant's account to pay for the purchase.
EMV is a payment method based on a technical standard for smart payment cards and for payment terminals and automated teller machines which can accept them. EMV stands for "Europay, Mastercard, and Visa", the three companies that created the standard.
Secure Electronic Transaction (SET) is a communications protocol standard for securing credit card transactions over networks, specifically, the Internet. SET was not itself a payment system, but rather a set of security protocols and formats that enabled users to employ the existing credit card payment infrastructure on an open network in a secure fashion. However, it failed to gain attraction in the market. Visa now promotes the 3-D Secure scheme.
Mastercard Maestro is a brand of debit cards and prepaid cards owned by Mastercard that was introduced in 1991. Maestro is accepted at around fifteen million point of sale outlets in 93 countries.
An e-commerce payment system facilitates the acceptance of electronic payment for offline transfer, also known as a subcomponent of electronic data interchange (EDI), e-commerce payment systems have become increasingly popular due to the widespread use of the internet-based shopping and banking.
ISO 8583 is an international standard for financial transaction card originated interchange messaging. It is the International Organization for Standardization standard for systems that exchange electronic transactions initiated by cardholders using payment cards.
An address verification service (AVS) is a service provided by major credit card processors to enable merchants to authenticate ownership of a credit or debit card used by a customer. AVS is done as part of the merchant's request for authorization in a non-face-to-face credit card transaction. The credit card company or issuing bank automatically checks the billing address provided by the customer to the merchant against the billing address in its records, and reports back to the merchant who has the ultimate responsibility to determine whether or not to go ahead with a transaction. AVS can be used in addition to other security features of a credit card, such as the CVV2 number.
Payment cards are part of a payment system issued by financial institutions, such as a bank, to a customer that enables its owner to access the funds in the customer's designated bank accounts, or through a credit account and make payments by electronic transfer with a payment terminal and access automated teller machines (ATMs). Such cards are known by a variety of names, including bank cards, ATM cards, client cards, key cards or cash cards.
3-D Secure is a protocol designed to be an additional security layer for online credit and debit card transactions. The name refers to the "three domains" which interact using the protocol: the merchant/acquirer domain, the issuer domain, and the interoperability domain.
The Dankort is the national debit card of Denmark. Today it is often combined with a Visa card or Mastercard and functions as a Visa or Mastercard debit card abroad and in stores that don't accept Dankort.
The payment card industry (PCI) denotes the debit, credit, prepaid, e-purse, ATM, and POS cards and associated businesses.
A controlled payment number, disposable credit card or virtual credit card is an alias for a credit card number, with a limited number of transactions, and an expiration date between two and twelve months from the issue date. This "alias" number is indistinguishable from an ordinary credit card number, and the user's actual credit card number is never revealed to the merchant.
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 may 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 typically embossed on the front of a payment card, and is encoded on the magnetic stripe and chip, but may also be imprinted on the back of the card.
Credit card fraud is an inclusive term for fraud committed using a payment card, such as a credit card or debit card. The purpose may be to obtain goods or services or to make payment to another account, which is controlled by a criminal. The Payment Card Industry Data Security Standard is the data security standard created to help financial institutions process card payments securely and reduce card fraud.
A credit card is a payment card, usually issued by a bank, allowing its users to purchase goods or services, or withdraw cash, on credit. Using the card thus accrues debt that has to be repaid later. Credit cards are one of the most widely used forms of payment across the world.
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 gets the possibility to issue cards or acquire merchants operating on the network of that card scheme. UnionPay, Visa and MasterCard are three of the largest global brands, known as card schemes, or card brands. Billions of transactions go through their cards on a yearly basis.
A card-not-present transaction is a payment card transaction made where the cardholder does not or cannot physically present the card for a merchant's visual examination at the time that an order is given and payment effected. It is most commonly used for payments made over the Internet, but can also be used with mail-order transactions by mail or fax, or over the telephone.
The term digital card can refer to a physical item, such as a memory card on a camera, or, increasingly since 2017, to the digital content hosted as a virtual card or cloud card, as a digital virtual representation of a physical card. They share a common purpose: identity management, credit card, debit card or driver's license. A non-physical digital card, unlike a magnetic stripe card, can emulate (imitate) any kind of card.
Google Pay is a mobile payment service developed by Google to power in-app, online, and in-person contactless purchases on mobile devices, enabling users to make payments with Android phones, tablets, or watches. Users can authenticate via a PIN, passcode, or biometrics such as 3D face scanning or fingerprint recognition.
The Four Corners model, often referred to as the Four Party Scheme is the most used card scheme in card payment systems worldwide. This model was introduced in the 1990s. It is a user-friendly card payment system based on an interbank clearing system and economic model established on multilateral interchange fees (MIF) paid between banks or other payment institutions.
