Payment Card Systems Flashcards

(6 cards)

1
Q

Cardholder

A

The person holding a debit, credit or charge card issued by a financial institution

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2
Q

PAN

A

Primary Account Number

card number

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3
Q

Retailer/Merchant

A

A merchant sells goods or services to a customer (cardholder)

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4
Q

Acquirer

A

A merchant will have negotiated a merchant service agreement with its acquirer to process payment card transactions on its behalf.

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5
Q

Card Schemes

A

Organisations that manage and control the operation and clearing of card payment transactions according to card scheme rules

Visa, MasterCard, Etc

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6
Q

Issuer

A

The bank, building society or financial institution that provides payment cards to their customer or cardholder.

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