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Payment Systems
Let's talk about payment systems, which we have heard more about since the internet entered our lives, and the basic structures behind them. The first credit card in the world was used in America in the 1920s.
Merchant & POS
Yes, it is mandatory. This requirement was introduced to prevent fraud. To fulfill their obligations regarding identification of foreign customers, banks must make one of several arrangements on receipts, such as bilingual descriptions or an explicit foreign card warning.
Merchant & POS
According to the third Card Spending Analysis by TOBB and Visa, average monthly card spending in Turkey in the first quarter of 2022 rose 85 percent year on year, driven by e-commerce, debit cards, and contactless payments.
Credit Card
CVV is a very critical 3-digit value used during a card's authorization process. The CVV value is encoded in the card's magnetic stripe data (Track 1 and Track 2). Is it generated by an algorithm or chosen at random?
EMV
BIC stands for Bank Identifier Code. It is the universal bank identification code used for automated processing in banking and related financial environments, identifying banks as specified by the ISO 9362 standard.
Credit Card
It may sound impossible at first, but it is technically possible: a bank can issue chip debit cards under the same BIN as its magnetic stripe cards, with the card scheme's approval.
HCE
Token types vary depending on the verification method used in a transaction. In offline transactions, general checks are performed by the mobile app and card reader without any verification in the card system. In online transactions, token verification is sent to and verified by the issuer.
Credit Card
As credit cards become more and more a part of our lives, we now make almost all our purchases without cash. We inserted our card into the merchant's POS. We made a 100 TRY sale transaction. We received a receipt confirming it was successful.
Credit Card
CVV and CVV2 values are often confused by cardholders. CVV is printed on the magnetic stripe and used for card verification when the card is physically swiped through a POS; CVV2 is printed on the back of the card for e-commerce authorization.
ISO 8583
F37 - RETRIEVAL REFERENCE NUMBER: a 12-digit alphanumeric value generated by the Acquirer that initiates the transaction. It must be printed on the POS receipt or ATM slip. RRN is the reference number that allows a transaction to be located.
ISO 8583
F45 (TRACK-1 DAT) carries the Track 1 data of the card in ISO 7813 format, including field separators and start and end sentinels but excluding the LRC character. It is 76 characters long.
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...