Merchant & POS
What Is an MCC Code Used For?
Since the MCC code is a merchant's category code, it's critical for the checks performed during merchant onboarding and authorization, including campaigns and restrictions.
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"merchant management"
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E-commerce
What Is Agentic Commerce? How AI Agents Will Change E-Commerce and Payment Systems
AI agents are moving beyond answering questions to searching, deciding, and paying on behalf of users. This post explains Agentic Commerce and what it means for payment systems, digital wallets, e-money institutions, banks, and fintechs.
Merchant & POS
How do banks work with merchants?
After a merchant applies to a bank and the required checks on the company are completed, a POS is connected to the customer. Settlement can be commission-based, held for a period, or both, depending on the agreement.
Merchant & POS
What does Not Onus mean?
Not Onus is a payment systems term meaning "Not On Us": a situation where the card-issuing bank and the POS/ATM (acquiring) bank differ. Such transactions are settled through clearing between the two banks.
HSM & Security
What is a transaction performed with stored card data (Credential-on-File)?
Non-face-to-face transactions in which the cardholder authorizes the merchant to store card data, and the merchant uses that stored data to carry out the transaction, are called Credential-on-File (CoF) transactions.
Merchant & POS
What Is the Shared POS Management System (OPYS)?
Developed by BKM and made available to banks, OPYS centrally supports setting up multi-application POS terminals shared by multiple members, inviting other members, adding or removing them, and managing field company relationships.
Payment System Institutions
What are the committees in the BKM system?
BKM (Interbank Card Center) works through several committees: Security, Operations and Technology, Market Development, Business Development, Chargeback Rules and Arbitration, ATM Sharing, plus arbitration committees. This post outlines each one's duties.
Laws & Regulations
What Is the Regulation on Bank Cards and Credit Cards? What Does It Contain?
The purpose of the Regulation on Bank Cards and Credit Cards is to set the procedures and principles for issuing and using bank and credit cards and for the activities of institutions in the card payment system.
Merchant & POS
Terminal Action Code (TAC)
These are codes placed into the terminal software by the acquirer that govern the rules for whether transactions go online or are declined, covering offline approval, offline decline, and online submission due to issuer risk...
Payment Institutions & E-Money
We Issue a Prepaid Card Usable Only Within Holiday Village X. Does Issuing It Count as Issuing Electronic Money?
A prepaid card usable only at goods and service providers inside a single holiday village is considered to be used within a limited network and outside the scope of the Law, provided certain conditions are met.
Merchant & POS
What is BKM TechPOS?
BKM TechPOS is an infrastructure through which card acquirers and POS/cash register manufacturers can interoperate via BKM, letting all participating banks provide card acceptance services on a single device.
Credit Card
What Are National and International Payment Schemes?
In the world of payment systems, just as credit cards are an indispensable product, a payment scheme is indispensable for credit cards. When a credit card product is launched, the scheme it will be issued under is decided first.