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Payment Systems
WhatsApp, one of the world's leading messaging apps, is rolling out a long-awaited new feature. After the update, users in Brazil will be able to shop and pay from within the app. Meta announced that users can now pay small businesses directly in WhatsApp.
Merchant & POS
In the first post I explained what closed-loop payment systems are and how they differ from open-loop ones. Many of the replies I received boiled down to one question: how do these systems actually work behind the scenes once a QR code is scanned?
E-commerce
Payment by SMS is a solution where the merchant sends the customer a link via SMS through an online collection system, and the customer pays by entering their debit or credit card details.
Merchant & POS
The System Trace Audit Number (STAN) is a number assigned by the third-party system (ATM or POS) to help uniquely identify a transaction. It is generated in the range 000001 to 999999. Each new authorization message needs a new STAN; retries reuse the original STAN.
E-commerce
Making payments over the internet using a card is called online payment. Learn what online payment systems are used for and what happens behind an online transaction, from the payment gateway to the issuing bank.
Payment Systems
There are standards that keep payment systems running smoothly and reliably. One of these is ISO 20022. So what is ISO 20022, and why was it created? It is an international, XML-based financial messaging standard developed in 2009.
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.
Merchant & POS
Chip&Pin, introduced in Turkey on March 31, 2006, is a payment method that greatly reduces the risks of card copying and loss or theft fraud. The chip on the card reduces copying risk, while the 4-digit PIN prevents unauthorized use of a lost card.
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.
Merchant & POS
A PIN pad lets cardholders safely enter their PIN during POS transactions and lets contactless cards be tapped to transfer card data to the POS. Here is how it works.
Credit Card
In the early years of credit cards, using the card physically was mandatory. With the internet and new technologies, we can now pay with only the card details, 3D Secure and contactless NFC payments, even without the card in hand.
Merchant & POS
In payment systems, every exchange between POS devices and bank or payment institution systems runs on a specific messaging standard, generally based on ISO 8583. However, each country, bank, or switch network defines its own version of this standard.