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Physical credit card compared with a virtual card on a mobile phone

Credit Card

Physical or Virtual Credit Card: Which Do You Prefer?

Digitalization is reshaping payment systems. Credit cards are moving from physical plastic to virtual cards, e-wallets and mobile payments. Will physical card use disappear completely? Here is a look at the trends, Generation Z and the remaining gaps.

Logo and branding of BKM, Turkey's Interbank Card Center

Payment Systems

What is BKM (Interbank Card Center)?

BKM, short for Interbank Card Center, is a legal entity established in 1990 with contributions from 13 public and private Turkish banks to provide clearing and settlement for cards.

Diagram illustrating ISO 8583 Field 61 Point of Service (POS) data structure

ISO 8583

ISO 8583 Field Descriptions (F61)

F61 - POINT OF SERVICE (POS) DATA: This field provides information about the specific status of the POS at the time of the transaction. Position Usage Attribute 1 POS Terminal Attendance Indicator 0 = Attended terminal (Valid for MasterCard debit card and Maestro transactions only).

Diagram illustrating ISO 8583 Field 12 local transaction time

ISO 8583

ISO 8583 Field Descriptions (F12)

DE 12-TIME, LOCAL TRANSACTION: the local time at which the transaction took place at the point of transaction (ATM, POS). 6 digits, hhmmss format. F12 differs from F7 (Transmission Date and Time).