Mobile Payments: FAQ and not so FAQ
I have been working in the field of payments, specifically mobile payments for quite sometime now. If you haven’t noticed, a lot is happening in that area. The players in this field keep coming up with...
View ArticleMobile Payments: Who is an Issuer?
Who is an issuer? An Issuer is the bank who issues you the credit card, debit card or any payment card for that matter. They are sometimes referred to as the Issuing Bank as well. For example, if you...
View ArticleMobile Payments: Who is an Acquirer?
Who is an Acquirer? A merchant or a retailer store cannot just accept cash. They have to accept credit cards and debit cards to get your business. In order for them to get paid for a credit card...
View ArticleMobile Payments: Who is a Merchant?
Who is a Merchant? The retailer store that you walk-in to shop is called a Merchant in payment speak. You can broadly categorize them into two types based on channel. Brick & Mortar merchants,...
View ArticleMobile Payments: Who is a Payment Network?
Who is a Payment Network? If credit card payments was a software project, then payment network is the project manager. The logo that you see on your credit card that says Visa or MasterCard is nothing...
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Mobile Payments: What is a Magnetic Stripe Card?
What is a Magnetic Stripe Card? The most commonly available type of credit and debit card in the United States is a Magnetic Stripe or MagStripe card. As shown below, the black band on the back of your...
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Mobile Payments: What is a Contact Chip Card?
What is a Contact Chip Card? Chip cards are standard bank cards that are embedded with a micro computer chip instead of or in addition to a Magstripe. It is an evolution in our payment system that will...
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Mobile Payments: What is a Contactless Chip Card?
What is a Contactless Chip Card? Contactless chip cards are standard credit cards with an embedded contactless chip. Optionally, a MagStripe is also provided for backwards compatibility. These cards...
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Mobile Payments: What is Tap & Pay?
What is Tap & Pay? When we use a Contactless Card to tap on the Contactless reader to make a payment, instead of swiping a magstripe card, we are essentially using Tap & Pay technology. The...
View ArticleMobile Payments: What is EMV?
What is a EMV? EMV is defined by EMVCo as, “a global standard for credit and debit payment cards based on chip card technology”. It was named after its original developers – Europay, MasterCard and...
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