Security
What Is OTP (One-Time Password)?
These are passwords generated for one-time use and sent to the cardholder's phone to verify card transactions in payment systems. The password sent during a 3D Secure transaction is a common example.
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Cryptocurrency
What Are the Terms Used in the Cryptocurrency World?
Cryptocurrencies are becoming part of everyday life and are expected to compete seriously with card payments. This glossary explains the key crypto terms, from address, altcoin and arbitrage to halving, mining, proof of stake and stop-loss.
Merchant & POS
What are ARQC (Authorisation Request Cryptogram) and ARPC (Authorisation Response Cryptogram)?
With the introduction of chip cards into our lives, the terminal needs to verify the credit card before the transaction. So how is this verification performed? The value calculated and sent by the card is called ARQC (Application Request Cryptogram).
Merchant & POS
What is MIV (Central Merchant Database)?
MIV stands for Central Merchant Database. The MIV Module collects information on merchants across Turkey and the TRNC that have card acceptance agreements with BKM members, and assigns each merchant a unique number for tracking purposes.
Credit Card
What Is a Wallet?
The term 'wallet' has many definitions in payments and fintech. In general, it refers to digital wallets (e-wallets) used in e-commerce, popular because they let users securely store payment information and pay easily.
ISO 8583
What Fields Make Up ISO 8583?
We covered the ISO 8583 basics in an earlier article. This post explains the ISO 8583 message structure in detail: every ISO 8583 message consists of three main parts - the MTI (Message Type Indicator), the Bitmap, and the Data Elements.
E-commerce
What Is Payment by SMS?
Payment by SMS is a solution where the merchant sends the customer a link via SMS through an online collection system, and the customer pays by entering their debit or credit card details.
Merchant & POS
What is PIN Transaction Security (PTS)?
PIN Transaction Security (PTS) verifies that card data and PIN information are used for a payment transaction. It is a set of modular evaluation requirements managed by the PCI Security Standards Council for PIN-accepting terminals.
Closed-Loop Payments
Whose Ecosystem Does the Customer Stay In? | Closed-Loop Payments #7
In the final post of the closed-loop payments series, the common question behind cards, QR payments, and prepaid balances comes into focus: who manages the customer relationship, and whose ecosystem does the customer stay in?
Merchant & POS
The POS Didn't Print a Slip After a Transaction. What Should You Do?
No slip printed after a POS transaction? Here's how to check whether the transaction actually went through and what steps to take if the receipt never came out.
Merchant & POS
If the Card-Issuing Bank and Merchant Bank Are the Same in a Transaction, Does It Go Through Clearing?
For a transaction to go through clearing, the card-issuing bank and the merchant bank must be different. If they are the same, the transaction is not subject to clearing and is processed directly by the bank.
From My Readers
Is there an SMS notification structure for Mail Order transactions?
I occasionally receive questions from my readers, and I answer them by email or through other channels. Since others may have similar questions, I will publish these questions on my site along with the answers. Hello Mr. Arif, I read your articles from time to time and...