In January 2018, Google announced that Google Wallet and Android Pay would be merged into one entity called Google Pay. With Google Pay, you can check out in Chrome for web purchases, in hundreds of apps, in YouTube for renewing your subscriptions, and at retail outlets with NFC payments without having to enter your payment information. Users can add credit cards to Google Pay by taking a photo of the card, or by entering the card information manually.
A merchant identification number, or MID, serves a similar purpose by providing business entities with a one-of-a-kind code that establishes they have the proper clearance to begin processing credit cards.
Typically eight characters in length, no two TINs are alike, as they must be unique to the terminal in question. TINs - also known as TIDs
Visa is a financial services firm that has been around since 1958. It's become so big, in fact, six of the seven continents have Visa cardholders, which explains why…
P2PE is a security method that helps keep highly sensitive financial data - like credit card numbers - behind the technological equivalent of closed doors.
Started by a group of banks in 1966, MasterCard recently celebrated its 50th anniversary. Originally known as the Interbank Card Association, it went through…
Typically black in color, magnetic stripes are attached to both credit and debit cards and allow terminals to make sense of the information that they contain.
The predecessor to both Android Pay and Apple Pay is Google Wallet. First released in 2011, it serves all the mobile functions as its contemporaries and is accessed when mobile phone users download the app.
Short for Europay MasterCard and Visa, EMV chips have helped resolve security issues through computer chip technology, making it more difficult for credit terminals to be compromised. EMVs are embedded in all credit cards nowadays, though they've long been the norm in other countries, especially those located in Europe. Instead of swiping a credit card through, EMV-ready credits cards are used by inserting them into terminals. Because the authentication process is a bit more involved, transactions typically take slightly longer to complete when compared to the magnetic stripe method.
The purpose of EMV is to reduce on-site credit card fraud by confirming that the card is both valid and in the hands of the correct owner. EMV does not however, protect data after the transaction, so it does nothing to prevent site-wide data breaches. For this reason, merchants should utilize processors that support end-to-end encryption and tokenization to protect themselves from data breaches.
EMV chip cards are used in Europe, Latin America, Asia, Canada and now the United States.
Discover is one of the major credit lenders. It came on to the credit card scene in 1986, launched by Sears, Roebuck & Company, which at the time was the largest retailer in the U.S…
Apple Pay is a mobile payment service that allows individuals to purchase goods and services on a wide variety of devices the multinational tech company produces, such as the iPad, iPhone, or Apple Watch.
American Express boasts 110 million cardholders overall. However, it represents only about 8 percent of all credit lines, according to data compiled by Nerdwallet.
Short for Standard Industry Classification, SIC code is a numerical way of identifying what product and services business provide for their customers.
EFT (Electronic Funds Transfer) is a product of the paperless era that allows for the transference of money from one account to another.
Near Field Communication (NFC) is a process that allows for the communication between two or more devices so long as they're close.
Merchant Category Codes (MCC) are similar to SICs, in that they're used primarily for identification purposes.
Encryption is used as a means to protect data during the transmission process.
Omnichannel businesses provide their customers with the ability to purchase goods and services through virtually all avenues, be it online, in person, by phone or through apps, among others
To put it as simply as possible, tokenization relates to swapping out one piece of information for something else, mainly due to the security advantages that this strategy fosters.
Cybersecurity breaches have become increasingly common, as hackers will stop at nothing to outwit security installations. Though tokenization, however, these attempts can be foiled because the data they're after has been replaced with unique identification symbols that serve as substitutes for the real thing. As noted by NerdWallet, the principle is similar to what tokens serve in an arcade or casino, as proxies for actual money. This way, should sensitive information fall into the wrong hands, the data can't be used because its "value" is exclusive to the arena in which it operates. This is one of the reasons why integrated payments systems are effective because tokenization is traditionally utilized to strengthen security measures.
Gateways, otherwise known as payment gateways, are a system of technologies that allow for electronic transactions to proceed.