A sequence of characters that allows users access to a system. Although they are supposed to be unique, experience has shown that most people’s password choices are highly insecure. Humans tend to choose short words, such as names, which are easy to guess.
Synonym for credit cards.
Synonym for debit cards.
Payment Card (Product)
Term used to describe any type of card (prepaid, debit or credit) used to purchase goods or services.
A system that provides electronic commerce services to merchants for the authorization and clearing of secure electronic transactions.
Term used to describe the entity offering payment product and services. A bank or any other eligible financial institution can become its member by entering into one or more license agreements, thus getting the possibility to issue or acquire the transactions performed within the scheme.
Type of payment system allowing shoppers to pay for low-value goods by touching their debit or credit card against an electronic reader.
Payment Card Industry Data Security Standard. The standard provides an actionable framework for developing a robust account data security process – including preventing, detecting and reacting to security incidents. It is intended for any organization that stores, transmits or processes cardholder account and transaction data – merchants, acquiring banks, and related service providers.
The hour in which the maximum volume, capacity, system load, or processing has taken place.
Per Transaction Fees
Fees paid by the merchant to the merchant bank or other contracted party on a per-transaction basis.
Person To Person (P2P)
Term used to describe commercial activities between one person and another.
Personal Identification Number (PIN)
A secret code, known only by the cardholder, which allows the issuer (or its agent) to verify the cardholder.
Term used to describe the process where cardholder details (name, PAN, expiry date) are put onto a card.
Term used to describe a hack attack where one website's traffic is redirected to another website, controlled by the criminal.
Term used to describe a hack attack where a criminal creates a web site or pop-up screen that appears to be legitimate, and encourages the cardholder to provide critical data (such as the PAN, expiration date, CVC2, PIN, etc).
Point Of Interaction
Term used to describe the point where the card and the ‘terminal’ (POS terminal, PC, etc) come together.
Point of Sale (POS)
The location at the card acceptor's premises at which a sale is completed.
Point of Transaction
The physical location where a merchant or acquirer (in a face-to-face environment) or an unattended terminal (in an unattended environment) completes a transaction receipt.
Point-Of-Sale (POS) Terminal
An attended or unattended access device located in or at a card acceptor’s (merchant’s) premises that permits the effecting of a transaction for the purchase of goods or services sold by the merchant. A POS terminal is connected to the acquiring financial institution’s system through telecommunications lines and is designed to capture and forward transaction information by electronic means.
The process of updating individual cardholder account balances to reflect merchandise sales, instant cash, cash advances, adjustments, payments and any other charges or credits.
A conditional coffer for a card from a card issuer based on a pre-qualification of the individual’s credit.
An authorization is the first part of a two stage transactional process. An authorization verifies that a card is valid and has sufficient funds to complete this transaction.
A real-time message sent by a merchant to request approval for an estimated transaction amount, because the final transaction amount will only be known some time later. This type of message is sent for transactions such as car rentals, hotel rooms and petrol.
Term used to describe exclusive cards that offer unique benefits to high net worth cardholders.
A card that stores value and is used to pay for goods or services, and in some cases, to procure cash disbursements.
The message sent by the acquirer to provide information to the issuer about a transaction that took place.
Primary Account Number (PAN)
A unique series of numbers, assigned by the issuer, to identify an individual cardholder account. The PAN comprises: major industry identifier, BIN, cardholder account number, check digit.
Term used to describe customers that represent a low risk, and are therefore part of the preferred target customer segment.
The interest rate at which banks lend to their most credit worthy (prime) customers. The prime rate is known to change but not on a regular basis.
Printed Card Security Code (PCSC)
A 3-digit number printed on the back of the Card (3CSC) or a 4-digit number printed on the front of the Card (4DBC/4CSC).
In public-key cryptography, the half of a public-key/private-key pair that is known only to the encoder that resides on the user’s system.
Private Label Card
A card issued by a merchant that can only be used in the issuing merchant's stores.
Compensation paid by issuers or acquirers to a financial network organization for processing interchange transactions according to the business agreements established by that financial network.
An organization that provides services associated with processing of card transactions between merchants, payment card issuers, and merchant account providers.
Procurement/ purchasing card
Charge cards used by businesses to cover purchasing expenses, such as raw materials or office supplies.
A code assigned by the issuer to identify transactions that apply to a promotional program run by the issuer to encourage card use.
Owned by a private individual or corporation under a trademark or patent.
Term used to describe the accounting process of estimating the amount of debts that are likely to be written off by the issuer.
In public-key cryptography, the half of a public-key/private-key pair that is known to the public and can be used to decript messages that were encoded by correspondent private key.
Public Key Certificate
A system that uses two mathematically related keys. The keys are referred to as the public key and the private key. The sender of the communication sends the public key to the receiver so that the message can be decrypted.
A financial transaction, if approved, in which funds are debited from an issuer and credited to an acquirer in payment for goods or services.