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Closed-Loop Payments
Why does a coffee chain build its own loyalty program, and why does a payment app keep adding services? This post looks at how loyalty, data, and new services drive the growth of closed-loop payment systems, and at the financial layers behind that growth.
Merchant & POS
It's important to first distinguish between magnetic-stripe and fallback transactions. A magnetic-stripe transaction skips the chip entirely, which lowers its security level compared to a fallback transaction.
Fraud
Card skimming is the theft of card information by copying it with the help of a device. Because data inside the chip is very difficult to steal, chip cards are far more secure than magnetic-stripe cards. Turkey is very advanced in card security technology.
Merchant & POS
CAVV and AAV are verification codes used in 3D Secure transactions to ensure transaction integrity and security. CAVV is used by Visa, while AAV is used by Mastercard.
Open Banking
Under the communiqué, service model banking does not require a separate BRSA license, but the service bank must notify the BRSA in writing before signing a contract with an interface developer.
Security
Personal data means any information relating to an identified or identifiable natural person, including not only names and birth dates but also physical, family, economic and social characteristics.
Credit Card
The Card Security Code is a 3-digit numeric value used for cardholder verification and to reduce fraud risk. It is generated during card production and printed either on the card or encoded into the Track 1 and Track 2 data.
Payment Systems
The General Data Protection Regulation (GDPR), (EU) 2016/679, is EU law on data protection and privacy. It gives individuals control over their personal data, requires breach notification within 72 hours, and allows fines of up to 20 million euros or 4% of annual revenue.
E-commerce
In recent years, data exchange over wireless mobile devices has become much faster and more secure. In 2019, mobile devices were used in 54.5 percent of purchases made by e-commerce users. With the steady growth in mobile users, mobile commerce keeps gaining ground.
Security
The Visa PIN Security Program Guide describes the security and procedural requirements for acquirers and their agents that process PIN data or manage keys for PINs associated with Visa transactions.
Merchant & POS
A Card Recovery Bulletin is a list of problem cards (lost, stolen, expired, over-limit, counterfeit or otherwise flagged) published by card schemes such as Visa or MasterCard. It shows whether a card number is listed on the date of purchase.
Credit Card
CVV (CVC) and CVV2 (CVC2) are two terms that cardholders often confuse. Both are used for verification in card transactions, but there are notable differences between them, such as where each is printed and which transactions use it.