Payment Systems and Technology

Credit cards = deduct funds directly from the user's account Debit cards = allow users to borrow money from the issuer to make purchases Prepaid cards = funds are loaded onto the card and decrease with each use Charge cards = require full payment of the balance each month

EMV chip = stores card information Magnetic stripe = stores and processes data securely PIN = card verification value/code for online transactions CVV/CVC = personal identification number for secure transactions

Card-not-present (CNP) transactions = sensitive card information is replaced with a token Tokenization = card information is entered online Digital wallets = store payment information for online transactions Mobile payments = store payment information for online transactions

<p>Tap-to-pay = payments made using a mobile device Mobile payments = card or device is tapped on a reader Wearable payments = payments made using a wearable device Contactless payments = payments made using a mobile device</p> Signup and view all the answers

<p>Authorization = merchant verifies card details and requests payment Authentication = transaction is processed and funds are transferred Clearing = cardholder verifies identity Settlement = funds are deposited into the merchant's account</p> Signup and view all the answers

<p>Increasing adoption of contactless payments = growing use of digital wallets and mobile payments Growing use of digital wallets and mobile payments = development of new payment technologies, such as biometric authentication Development of new payment technologies = increasing adoption of contactless payments Biometric authentication = growing use of digital wallets and mobile payments</p> Signup and view all the answers