A debit card is a payment card that can be used in place of cash to make purchases. It is similar to a credit card, but unlike a credit card, the money for the purchase must be in the cardholder's bank account at the time of a purchase and is immediately transferred directly from that account to the merchant's account to pay for the purchase.
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 was developed during the 1980s. 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. In Singapore, it is known as NETS.
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 is one of the world's most valuable companies.
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.
Laser was a debit card scheme in Ireland between 1996 and 2014.
Mastercard Maestro is a brand of debit cards and prepaid cards owned by Mastercard that was introduced in 1991. Maestro debit cards are obtained from associate banks and are linked to the cardholder's savings account, current account or any of several other types of accounts, while prepaid cards do not require a bank account to operate. Maestro cards can be used at point of sale (POS) and ATMs. Payments are made by swiping cards through the payment terminal, insertion into a chip and PIN device or by a contactless reader. The payment is authorized by the card issuer to ensure that the cardholder has sufficient funds in their account to make the purchase. The cardholder then confirms the payment by either signing the sales receipt or entering their 4- to 6-digit PIN, except with contactless transactions below a specified amount for which no further verification is required.
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.
Busan Bank is a regional bank in South Korea. The company was established in 1967 to facilitate the regional economy. The bank is based and headquartered in the busy port city of Busan, South Korea, and offers a full range of retail banking services including foreign exchange at its Seomyeon main branch. The bank has 229 branches in Korea. Its main shareholders include Aberdeen Asset Management Asia Ltd., Lotte group, National Pension Service, Capital Research & Global Investors, Parkland, Templeton, etc.
BC Card is a South Korean financial services company headquartered in Seoul. South Korea's largest payment processing company, it provides end-to-end payment services, primarily to financial institutions, as well as to local merchants through its subsidiary company Smartro; credit cards, debit cards and prepaid cards; local brand network operation under the brand of "BC"; card issuing BPO to financial institutions; as well as Internet commerce and mobile payment solutions.
A merchant account is a type of bank account that allows businesses to accept payments in multiple ways, typically debit or credit cards. A merchant account is established under an agreement between an acceptor and a merchant acquiring bank for the settlement of payment card transactions. In some cases a payment processor, independent sales organization (ISO), or member service provider (MSP) is also a party to the merchant agreement. Whether a merchant enters into a merchant agreement directly with an acquiring bank or through an aggregator, the agreement contractually binds the merchant to obey the operating regulations established by the card associations. A high-risk merchant account is a business account or merchant account that allows the business to accept online payments though they are considered to be of high-risk nature by the banks and credit card processors. The industries that possess this account are adult industry, travel, Forex trading business, multilevel marketing business. "High-Risk" is the term that is used by the acquiring banks to signify industries or merchants that are involved with the higher financial risk.
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 an electronic funds transfer at point of sale (EFTPOS) network, and the only interbank network in China that links all the automatic teller machine (ATMs) of all banks throughout the country. UnionPay cards can be used in 180 countries and regions around the world.
A payment is the voluntary tender of money or its equivalent or of things of value by one party to another in exchange for goods, or services provided by them, or to fulfill a legal obligation. The party making the payment is commonly called the payer, while the payee is the party receiving the payment.
Europay International was a financial company. It was created by the merger of Eurocard International and Eurocheque International and was headquartered in Waterloo, Belgium, on the same premises as EPSS and MasterCard EMEA. It merged with MasterCard International to form MasterCard, Inc in 2002. During its existence it was, along with Visa, one of the two credit card processors that dominated the European market. The EMV payment system, now a de facto standard for debit and credit cards, was named from Europay, MasterCard, and Visa, the three companies that proposed its usage.
ATM usage fees are the fees that many banks and interbank networks charge for the use of their automated teller machines (ATMs). In some cases, these fees are assessed solely for non-members of the bank; in other cases, they apply to all users.
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.
VisionPLUS is a financial software application from First Data Corporation. Originally developed by the Paysys Research and Development Group, this application is mainly used for credit card transaction processing by banks and transaction processing companies, storing and processing credit card, debit card, prepaid, closed end loan accounts and similar financial transactions such as Visa, MasterCard, American Express, Europay, and private label transactions against those accounts. More than 600 million cards around the world are processed on different versions of this application software.
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 accrued debt. 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. There are two credit card groups: consumer credit cards and business credit cards. Most cards are plastic, but some are metal cards, and a few gemstone-encrusted metal cards.
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 cards or acquire merchants operating on the network of that card scheme. Visa and MasterCard are two of the largest global brands, known as card schemes, or card brands. Billions of transactions go through their cards on a yearly basis.
Debit Mastercard is a brand of debit cards provided by Mastercard. They use the same systems as standard Mastercard credit cards but they do not use a line of credit to the customer, instead relying on funds that the customer has in their bank account.
RuPay(portmanteau of Rupee and Payment) is an Indian multinational financial services and payment service system, 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 of establishing a domestic, open and multilateral system of payments. RuPay facilitates electronic payment at all Indian banks and financial institutions. NPCI maintains ties with Discover Financial, JCB to enable RuPay card scheme to gain international acceptance.
