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Credit Card
In the early years of credit cards, using the card physically was mandatory. With the internet and new technologies, we can now pay with only the card details, 3D Secure and contactless NFC payments, even without the card in hand.
Merchant & POS
Magnetic Secure Transmission (MST) is a mobile payment technology in which devices such as smartphones emit a signal that mimics the magnetic stripe on a traditional payment card, letting a physical card's POS use be imitated without upgrading terminal software or hardware.
Security
Before 3D Secure 2.0, let's explain what 3D Secure is. 3D Secure is a two-layer payment authentication system that protects both the cardholder and the merchant in online payments. First released by Visa in 1999, it was later adopted by other card schemes…
Merchant & POS
In chip transactions made with a credit card via POS, the transaction amount is approved by the card and POS based on parameters on the card and POS, without going to the card bank or POS bank. These are called offline transactions.
Credit Card
In the standard authorization flow, the transaction is initiated by the acquirer (POS bank) and forwarded to the issuer (card-issuing institution). The process is completed once the issuer responds. However, this isn't always possible; when the issuer fails to respond, BKM steps in...
Payment Systems
How do banks fund so many points, bonuses, and discounts? This post explains the credit card profitability model: merchant commissions, interchange, interest income, installments, and why campaigns are an investment in transaction volume rather than a cost.
Payment Institutions & E-Money
On 7 October 2023, the CBRT amended the Communiqué on Information Systems of Payment and E-Money Institutions and Data Sharing Services of Payment Service Providers, first published on 1 December 2021. Links to the new text, a comparison table and a detailed summary of changes follow.
Payment Systems
TCR stands for Transaction Record Component, the packets that carry transaction information in a clearing system. Transaction types in a clearing file are distinguished by transaction code and usage code values, and this data is sent inside TCR packets.
Payment Systems
Elon Musk was set to unveil Neuralink, a brain-computer interface. What is Neuralink, and how might payment systems change if payments, cards, ATMs and POS devices move from phones to a chip in the brain?
Chargeback
Chargeback reason codes vary by card scheme. The Amex chargeback reason codes and their descriptions are listed below: American Express Chargeback Reason Codes A01 The charge you submitted did not receive a valid authorization approval code for the amount...
Merchant & POS
Mobile phones are entering our lives more every day. One study found people forget their wallets more often than their phones. This post explains how to buy fuel with TOTAL Mobile Payment and BKM Express without getting out of the car.
Laws & Regulations
A card scheme organization establishes a debit, credit or prepaid card system and authorizes entities to issue cards or sign merchant agreements. Troy, Visa, Mastercard, American Express, JCB and MIR are examples. This post explains how ATM and POS certification works.