Card Schemes Flashcards
1
Q
What is a Card Scheme
A
Payment network linked to payment card
2
Q
What is an Open Scheme
A
Four parties
1. Cardholder
2. Merchant
3. Acquirer Bank
4. Merchant Bank
3
Q
What is a Closed Scheme
A
Acquiring and Issuing Bank are the same bank.
( 3 Party Scheme)
4
Q
What is a card present transaction?
A
Happens when you use your card in person at a store or restaurant. You either swipe, insert, or tap your card at the payment machine, and the casher can see your card.
5
Q
What is a card not present transaction?
A
Happens when you buy something without using your physical card, like when you shop online or order something over the phone. Since the card isn’t physically there, the store or business can’t see it.
