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Security
Forgery in card payments means transactions made with card details without the cardholder's knowledge, or purchases with counterfeit or stolen cards. Merchants cannot eliminate fraud and chargeback risk, but they should aim to reduce it to reasonable levels.
Credit Card
PVK (Pin Verification Key) is a key held on the HSM, used in PIN generation and verification, and therefore to confirm that a PIN is correct. On a shared network it is encrypted under TMK or ZMK; on a local network it is encrypted under one of the LMK pairs.
Merchant & POS
Transaction types that can be made with a card through a POS: Magnetic Sale, EMV (Chip) Sale, Fallback Sale, Offline EMV Sale, Mail Order, and Ecommerce Sale, each explained in detail below.
Credit Card
Card copying usually happens with magnetic stripe debit cards. As soon as you notice your card details have been copied, you can close the card, renew it or change its PIN.
ISO 8583
F35 TRACK-2 DATA: The values printed to the card's Track 2 data in ISO 7813 format, including field separators and start/end sentinels, but excluding LRC (Longitudinal Redundancy Check) characters. It is 37 characters long.
Credit Card
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.
Merchant & POS
Recurring billing is the automatic collection of payments at set intervals and amounts by storing the customer's card details on a secure, PCI DSS-certified infrastructure.
Credit Card
CVV is short for Card Verification Value, a term used by Visa. CVC is short for Card Verification Code, a term used by MasterCard. The CVV/CVC code is used for cardholder verification and to reduce fraud risk.
Payment Systems
In payment or cash withdrawal transactions, the TR QR Code is generated by the POS or ATM. The card issuing bank must build its systems to read and act on this code. Errors usually stem from mishandling the long and short QR code flows, which are explained here.
Credit Card
Grab, one of Southeast Asia's ride-hailing companies with a strong interest in finance, has introduced the GrabPay Card. Like the Apple Card, the physical card carries no card number, name or expiry date.
Credit Card
PVKI is the abbreviation for PIN Verification Key Index. It is located within the card's Track 1 and Track 2 data and is used in PVV calculation. It can take values from 1 to 6, usually defaulting to 1.
Merchant & POS
Cardholders may request a refund through the merchant for POS transactions due to wrong deliveries, returned goods and similar reasons. Here is the information a refund receipt must contain, including extra fields for e-commerce.