EMV is a standard for smart payment cards and terminals. EMV stands for – EuroPay, MasterCard and Visa, the three companies who were the founder of the standard. This standard is maintained by EMVCo – a consortium with payment brands like Visa, MasterCard, JCB, American Express, China UnionPay, Discover as members.
This document provides an overview of EMV transaction flows, including:
1) EMV transactions involve application selection on the chip card to route transactions to the issuer bank, as well as terminal action analysis and cryptogram generation for online or offline authorization.
2) Offline authentication can involve static data authentication, dynamic data authentication, or combined authentication along with PIN verification on the chip card.
3) Security for e-commerce has evolved with techniques like CVV numbers, address verification, and tokenization to protect stored payment data.
This document provides an introduction to EMV technology for electronic payment cards. It describes EMV as a global standard for credit and debit cards that uses chip card technology for added security compared to magnetic stripe cards. The document outlines the key aspects of EMV, including how it gets its name from Europay, Mastercard, and Visa, the standards organization EMVCo, how EMV chip cards and transactions work, challenges with EMV implementation, and how EMV provides more security than magnetic stripe cards through unique transaction codes. Methods of cardholder verification and authentication in EMV are also summarized.
This document provides an overview of EMV chip card technology. It explains that EMV chip cards contain an embedded microprocessor chip that encrypts transaction data dynamically for each purchase. The chip technology, used in conjunction with a PIN or signature, provides two-factor authentication to combat fraud. It notes that the first U.S. payment card to use EMV technology was issued in 2010. The document also discusses EMV standards for contact and contactless cards, verification methods like chip-and-PIN versus chip-and-signature, and how EMV encryption and authentication works to improve payment security.
The document discusses EMV, a global standard for chip-based credit and debit card transactions. EMV aims to combat fraud by making transactions more secure compared to magnetic stripe-based transactions. An EMV transaction involves communication between the chip card and terminal throughout the transaction to jointly determine if it should be approved, declined, or require online authorization. This added security comes from the chip card containing secret data and dynamically generating unique transaction certificates.
Abdullin modern payments security. emv, nfc, etcDefconRussia
The document discusses modern payment security technologies like EMV and NFC. It provides an introduction to payment cards, describes the EMV standard for integrated circuit cards and terminals, and discusses attacks on both EMV and NFC technologies. It also covers future directions in payment security.
This document provides an overview of banking cards and EMV technology. It discusses magnetic stripe cards and their limitations. It then covers the migration from magnetic stripe to chip cards, the roles of different participants in transactions, and what cardholders need to know. The rest of the document goes into detail about EMV chip cards, including the issuing process, security features, and certification requirements. It also provides information about Elatec's production capabilities and security standards.
This document discusses electronic payment systems. It defines electronic payment as payments made using electronic methods like credit cards and e-wallets. A payment gateway allows e-commerce sites to process these electronic payments securely and provides benefits like quick settlement, various payment options, and a good customer experience. While electronic payments offer convenience and increased sales, they also carry risks like fraud and increased business costs. Common types of electronic payments discussed are credit cards, debit cards, smart cards, e-wallets, and gift cards.
EMV is a standard for smart payment cards and terminals. EMV stands for – EuroPay, MasterCard and Visa, the three companies who were the founder of the standard. This standard is maintained by EMVCo – a consortium with payment brands like Visa, MasterCard, JCB, American Express, China UnionPay, Discover as members.
This document provides an overview of EMV transaction flows, including:
1) EMV transactions involve application selection on the chip card to route transactions to the issuer bank, as well as terminal action analysis and cryptogram generation for online or offline authorization.
2) Offline authentication can involve static data authentication, dynamic data authentication, or combined authentication along with PIN verification on the chip card.
3) Security for e-commerce has evolved with techniques like CVV numbers, address verification, and tokenization to protect stored payment data.
This document provides an introduction to EMV technology for electronic payment cards. It describes EMV as a global standard for credit and debit cards that uses chip card technology for added security compared to magnetic stripe cards. The document outlines the key aspects of EMV, including how it gets its name from Europay, Mastercard, and Visa, the standards organization EMVCo, how EMV chip cards and transactions work, challenges with EMV implementation, and how EMV provides more security than magnetic stripe cards through unique transaction codes. Methods of cardholder verification and authentication in EMV are also summarized.
This document provides an overview of EMV chip card technology. It explains that EMV chip cards contain an embedded microprocessor chip that encrypts transaction data dynamically for each purchase. The chip technology, used in conjunction with a PIN or signature, provides two-factor authentication to combat fraud. It notes that the first U.S. payment card to use EMV technology was issued in 2010. The document also discusses EMV standards for contact and contactless cards, verification methods like chip-and-PIN versus chip-and-signature, and how EMV encryption and authentication works to improve payment security.
The document discusses EMV, a global standard for chip-based credit and debit card transactions. EMV aims to combat fraud by making transactions more secure compared to magnetic stripe-based transactions. An EMV transaction involves communication between the chip card and terminal throughout the transaction to jointly determine if it should be approved, declined, or require online authorization. This added security comes from the chip card containing secret data and dynamically generating unique transaction certificates.
Abdullin modern payments security. emv, nfc, etcDefconRussia
The document discusses modern payment security technologies like EMV and NFC. It provides an introduction to payment cards, describes the EMV standard for integrated circuit cards and terminals, and discusses attacks on both EMV and NFC technologies. It also covers future directions in payment security.
This document provides an overview of banking cards and EMV technology. It discusses magnetic stripe cards and their limitations. It then covers the migration from magnetic stripe to chip cards, the roles of different participants in transactions, and what cardholders need to know. The rest of the document goes into detail about EMV chip cards, including the issuing process, security features, and certification requirements. It also provides information about Elatec's production capabilities and security standards.
This document discusses electronic payment systems. It defines electronic payment as payments made using electronic methods like credit cards and e-wallets. A payment gateway allows e-commerce sites to process these electronic payments securely and provides benefits like quick settlement, various payment options, and a good customer experience. While electronic payments offer convenience and increased sales, they also carry risks like fraud and increased business costs. Common types of electronic payments discussed are credit cards, debit cards, smart cards, e-wallets, and gift cards.
Electronic payment systems allow for financial transactions to occur online through digital means rather than traditional cash or checks. Common electronic payment methods include debit and credit cards, digital wallets, online banking transfers, and mobile payments. These systems provide convenience for users but also raise security and privacy concerns that require protocols like encryption, digital signatures, and biometric authentication. While offering benefits over physical payment methods, electronic payment systems still face challenges around expanding access and reducing costs for merchants.
Payment gateway/payment service providers and future trends in mobile payment...Danail Yotov
This document discusses payment gateways, processing of payments, and future trends in mobile payments. It provides an overview of how payment gateways facilitate transactions between merchants and banks. It describes how payments are processed, including encryption of data and authorization. It also discusses security measures like 3D Secure and PCI compliance. Finally, it outlines emerging technologies for mobile payments, including storing payment details on devices and using phones for contactless "tap and pay" transactions.
The document discusses various electronic payment systems in India such as internet banking, NEFT, RTGS, ECS, IMPS, banking cards, USSD and AEPS. It provides details on how to activate and use these payment methods, transaction costs and limits, and services offered. Key points covered are that NEFT and RTGS facilitate funds transfer between bank accounts, while ECS, IMPS and USSD allow for utility payments, instant bank transfers using mobile phones, and basic mobile banking respectively.
Working of ATM machine : For all those who wanted to know the internal workin...sgoldbergg
ATMs were first developed in the late 1930s but did not gain popularity until the 1960s. John Shepherd-Barron is credited with inventing the first electronic ATM in 1967. Typical ATM software includes operating systems like Windows and programming languages like Java, while common protocols are Diebold 911/912 and IBM PBM. Hardware components include a CPU, card reader, cash dispenser, display screen, and printer. ATMs connect to financial networks through physical phone lines or leased lines and use security measures to protect transactions and customer identity.
1. An online payment gateway is a secure portal that allows merchants to accept electronic payments from buyers through various payment methods. It transmits and processes card and account information to complete online transactions.
2. Merchants who sell goods or services online and buyers who make purchases online both need an online payment gateway to facilitate payments. Payment gateways also allow any parties to make online monetary transactions.
3. Popular security methods used in payment gateways include Secure Socket Layer (SSL) encryption and Secure Electronic Transaction (SET) protocols, which encrypt payment details and digital certificates to prevent unauthorized access to financial information.
The document discusses IBM Payments Gateway, a solution that provides secure online payment processing capabilities. It offers a variety of payment options, global acceptance of over 170 payment methods across 70 countries, and centralized payment management. The solution provides security through encryption of payment data in a PCI-compliant vault and tokenization. It also offers automated reconciliation, reporting and settlement to streamline payment processing. Case studies demonstrate how the solution has supported increased online sales, digital wallet services, and processing of transportation tolls and fees.
This document discusses Payment Tokenisation 2.0 by EMVCo. It outlines the key concepts and roles in the payment tokenisation ecosystem, including token requestors, token service providers, and token vaults. It describes the processes for obtaining a token through a token request, issuing a token by performing token assurance, generation, and provisioning. It also covers token transaction processing flows, including token payment requests, domain restriction controls, de-tokenisation to PAN, authorization, and re-tokenisation.
This document outlines steps to test payment gateway functionality, including:
1. Gathering test credit card numbers and sandbox accounts for testing.
2. Understanding integration between payment gateway and application and testing parameters passed between them.
3. Checking successful retrieval of payment data by the application and error handling.
4. Verifying database entries for transactions, amounts, and errors.
5. Ensuring security measures are in place for transactions.
The document provides information about Automated Teller Machines (ATMs) in India, including their history, how they work, security measures, and benefits. It notes that ATMs were first introduced in 1967 in London and have since gained prominence as a delivery channel for banking in India. The number of ATMs in India has grown significantly in recent years and is expected to continue growing.
Electronic payments allow for financial transactions to be conducted online between buyers and sellers. There are various methods of electronic payment including credit cards, electronic cash, e-wallets, and micropayments. Payment gateways act as intermediaries that process transactions between payment networks like Mastercard and Visa and certification authorities. While traditional payment systems had issues with convenience, security, eligibility, and support for small transactions, electronic payment methods address these problems and enable online commerce.
This document discusses various electronic payment systems used in banking. It begins by defining banking and describing how banking services have expanded over time to include debit/credit cards, ATM services, online fund transfers. It then discusses core banking functions like accessing accounts from any location. Other sections cover virtual banking without physical branches, various payment systems like ATM cards, credit cards, debit cards and electronic fund transfers. Mobile banking and online shopping are also summarized. The document concludes by describing internet banking and its history and procedures.
What is Electronic payment system.
E-payment system.
Problem with Traditional payment methods.
Problem in implementation of electronic payment.
Some of the modes of electronic payments.
Advantage & Disadvantage Of Electronic Payment.
The document is an attempt to give insights into digital payments space on the whole. It describes the different payment scenarios or methods and how the underlying technology works. Topics covered - NFC;;contacless payments;Mobile Payments;smart cards chips technology;apple pay;Card operating system
This document provides an overview of automated teller machine (ATM) technology and operations. It discusses the types and components of ATMs, how ATM transactions work across shared networks, security features to prevent fraud, and the role of debit cards. It also summarizes the reconciliation process for ATM transactions and common fraud risks. The document aims to educate customers on safely using ATMs.
A Payment Gateway is an ecommerce application that authorizes payments for e-business, online retailers etc. Analogy of payment is cash counters which are located in the retail outlets. Payment gateways encrypt sensitive information such as credit card numbers to ensure that information passes securely between the customer and the merchant.
The document discusses various electronic payment systems used for e-commerce transactions. It describes advantages and disadvantages of different systems including electronic cash, electronic wallets, smart cards, and credit cards. It provides details on how each system works, examples of implementations, and considerations regarding their adoption and success.
EMV, or chip card technology, is being adopted in the US to improve payment security. The document discusses EMV standards, how EMV transactions work, and the liability shift occurring for merchants. It also provides details on Payscape's plans to support EMV, including supporting the SwIPe and iProcess POS applications, Ingenico payment devices, and certification with processors like TSYS by August 2015 to help merchants meet the liability shift deadline.
EMV chip technology provides greater security than magnetic stripes and has significantly reduced card fraud worldwide. It creates a unique code for each transaction, making it harder for thieves to clone cards. As more merchants upgrade terminals to accept EMV chips, liability for fraudulent transactions shifts from card issuers to merchants if they do not accept chip cards. This encourages US merchants to upgrade and help reduce the country's high rate of counterfeit card fraud, which accounts for 47% of the global total.
Electronic payment systems allow for financial transactions to occur online through digital means rather than traditional cash or checks. Common electronic payment methods include debit and credit cards, digital wallets, online banking transfers, and mobile payments. These systems provide convenience for users but also raise security and privacy concerns that require protocols like encryption, digital signatures, and biometric authentication. While offering benefits over physical payment methods, electronic payment systems still face challenges around expanding access and reducing costs for merchants.
Payment gateway/payment service providers and future trends in mobile payment...Danail Yotov
This document discusses payment gateways, processing of payments, and future trends in mobile payments. It provides an overview of how payment gateways facilitate transactions between merchants and banks. It describes how payments are processed, including encryption of data and authorization. It also discusses security measures like 3D Secure and PCI compliance. Finally, it outlines emerging technologies for mobile payments, including storing payment details on devices and using phones for contactless "tap and pay" transactions.
The document discusses various electronic payment systems in India such as internet banking, NEFT, RTGS, ECS, IMPS, banking cards, USSD and AEPS. It provides details on how to activate and use these payment methods, transaction costs and limits, and services offered. Key points covered are that NEFT and RTGS facilitate funds transfer between bank accounts, while ECS, IMPS and USSD allow for utility payments, instant bank transfers using mobile phones, and basic mobile banking respectively.
Working of ATM machine : For all those who wanted to know the internal workin...sgoldbergg
ATMs were first developed in the late 1930s but did not gain popularity until the 1960s. John Shepherd-Barron is credited with inventing the first electronic ATM in 1967. Typical ATM software includes operating systems like Windows and programming languages like Java, while common protocols are Diebold 911/912 and IBM PBM. Hardware components include a CPU, card reader, cash dispenser, display screen, and printer. ATMs connect to financial networks through physical phone lines or leased lines and use security measures to protect transactions and customer identity.
1. An online payment gateway is a secure portal that allows merchants to accept electronic payments from buyers through various payment methods. It transmits and processes card and account information to complete online transactions.
2. Merchants who sell goods or services online and buyers who make purchases online both need an online payment gateway to facilitate payments. Payment gateways also allow any parties to make online monetary transactions.
3. Popular security methods used in payment gateways include Secure Socket Layer (SSL) encryption and Secure Electronic Transaction (SET) protocols, which encrypt payment details and digital certificates to prevent unauthorized access to financial information.
The document discusses IBM Payments Gateway, a solution that provides secure online payment processing capabilities. It offers a variety of payment options, global acceptance of over 170 payment methods across 70 countries, and centralized payment management. The solution provides security through encryption of payment data in a PCI-compliant vault and tokenization. It also offers automated reconciliation, reporting and settlement to streamline payment processing. Case studies demonstrate how the solution has supported increased online sales, digital wallet services, and processing of transportation tolls and fees.
This document discusses Payment Tokenisation 2.0 by EMVCo. It outlines the key concepts and roles in the payment tokenisation ecosystem, including token requestors, token service providers, and token vaults. It describes the processes for obtaining a token through a token request, issuing a token by performing token assurance, generation, and provisioning. It also covers token transaction processing flows, including token payment requests, domain restriction controls, de-tokenisation to PAN, authorization, and re-tokenisation.
This document outlines steps to test payment gateway functionality, including:
1. Gathering test credit card numbers and sandbox accounts for testing.
2. Understanding integration between payment gateway and application and testing parameters passed between them.
3. Checking successful retrieval of payment data by the application and error handling.
4. Verifying database entries for transactions, amounts, and errors.
5. Ensuring security measures are in place for transactions.
The document provides information about Automated Teller Machines (ATMs) in India, including their history, how they work, security measures, and benefits. It notes that ATMs were first introduced in 1967 in London and have since gained prominence as a delivery channel for banking in India. The number of ATMs in India has grown significantly in recent years and is expected to continue growing.
Electronic payments allow for financial transactions to be conducted online between buyers and sellers. There are various methods of electronic payment including credit cards, electronic cash, e-wallets, and micropayments. Payment gateways act as intermediaries that process transactions between payment networks like Mastercard and Visa and certification authorities. While traditional payment systems had issues with convenience, security, eligibility, and support for small transactions, electronic payment methods address these problems and enable online commerce.
This document discusses various electronic payment systems used in banking. It begins by defining banking and describing how banking services have expanded over time to include debit/credit cards, ATM services, online fund transfers. It then discusses core banking functions like accessing accounts from any location. Other sections cover virtual banking without physical branches, various payment systems like ATM cards, credit cards, debit cards and electronic fund transfers. Mobile banking and online shopping are also summarized. The document concludes by describing internet banking and its history and procedures.
What is Electronic payment system.
E-payment system.
Problem with Traditional payment methods.
Problem in implementation of electronic payment.
Some of the modes of electronic payments.
Advantage & Disadvantage Of Electronic Payment.
The document is an attempt to give insights into digital payments space on the whole. It describes the different payment scenarios or methods and how the underlying technology works. Topics covered - NFC;;contacless payments;Mobile Payments;smart cards chips technology;apple pay;Card operating system
This document provides an overview of automated teller machine (ATM) technology and operations. It discusses the types and components of ATMs, how ATM transactions work across shared networks, security features to prevent fraud, and the role of debit cards. It also summarizes the reconciliation process for ATM transactions and common fraud risks. The document aims to educate customers on safely using ATMs.
A Payment Gateway is an ecommerce application that authorizes payments for e-business, online retailers etc. Analogy of payment is cash counters which are located in the retail outlets. Payment gateways encrypt sensitive information such as credit card numbers to ensure that information passes securely between the customer and the merchant.
The document discusses various electronic payment systems used for e-commerce transactions. It describes advantages and disadvantages of different systems including electronic cash, electronic wallets, smart cards, and credit cards. It provides details on how each system works, examples of implementations, and considerations regarding their adoption and success.
EMV, or chip card technology, is being adopted in the US to improve payment security. The document discusses EMV standards, how EMV transactions work, and the liability shift occurring for merchants. It also provides details on Payscape's plans to support EMV, including supporting the SwIPe and iProcess POS applications, Ingenico payment devices, and certification with processors like TSYS by August 2015 to help merchants meet the liability shift deadline.
EMV chip technology provides greater security than magnetic stripes and has significantly reduced card fraud worldwide. It creates a unique code for each transaction, making it harder for thieves to clone cards. As more merchants upgrade terminals to accept EMV chips, liability for fraudulent transactions shifts from card issuers to merchants if they do not accept chip cards. This encourages US merchants to upgrade and help reduce the country's high rate of counterfeit card fraud, which accounts for 47% of the global total.
This document discusses the upcoming EMV liability shift in the US and the need for the parking industry to migrate payment systems to support EMV chip cards. It outlines the key challenges of the EMV migration process, including choosing new chip-enabled payment terminals, updating processors to support EMV transactions, certification testing, implementing terminal management systems, and achieving PCI P2PE certification. The document advises parking operators and manufacturers to partner with experienced EMV solution providers to help navigate the complex migration process, which can take up to 22 months to complete.
This document describes an automated teller machine (ATM) with enhanced security features that uses facial recognition technology. It discusses how current ATMs use cards and PINs for identity verification and the shortcomings of this approach. The proposed ATM would use a camera to capture a live image of the customer's face and compare it to a stored facial image to verify their identity before dispensing cash, providing a more secure method of authentication. The document outlines how the facial recognition system would work and the benefits of using biometric identification to protect both consumers and financial institutions.
Smart cards can hold up to 32KB of data and have encryption capabilities. They provide security for banking, mobile payments, and ID verification. Smart cards use microprocessors and memory to store and process encrypted data for transactions and access control through card readers. They provide flexibility, security, portability and increasing storage capacity compared to magnetic stripe cards.
El Banco Popular Dominicano ha lanzado la primera tarjeta de débito con chip EMV del país, ofreciendo mayor seguridad contra fraude y la capacidad de realizar compras por Internet. La tarjeta brinda beneficios como no requerir PIN para compras nacionales e internacionales y ser aceptada en establecimientos Visa de todo el mundo. El banco ofrece cinco tipos de tarjetas de débito Visa con diferentes niveles de seguros y servicios incluidos.
This document provides an overview of Thales Payment HSMs (hardware security modules). It discusses Thales' history in payment HSMs and the features of their current payShield 9000 model. Key points covered include how Thales HSMs work using a command/response API, examples of common commands, physical interfaces, local master keys, hardware and software options, and certifications. Useful collateral materials for learning more about Thales Payment HSMs are also listed.
A payment value chain typically involves five main parties: the customer, merchant, issuer, acquirer, and card network. The customer initiates payment to the merchant, who must have a merchant account with an acquirer. The acquirer routes the transaction to the card network and issuer for approval. If approved, the issuer makes payment to the acquirer, who settles funds with the merchant less various fees. Additional parties that may be involved include payment processors, payment service providers, payment gateways, terminal manufacturers, and digital wallet providers.
It's easy to get overwhelmed or lost when navigating the world of top credit card processors and credit card processing. Why? Credit card processing can be a complex system with an even more complicated set of terms. Visit us at: https://webpays.com/credit-card-processing.html
Software for Payment Cards: Choosing WiselyCognizant
As the use of card-based payments continues to grow, financial institutions must improve their response times, strengthen their security, hone their future-readiness and enrich their business value. When selecting a commercial off-the-shelf (COTS) solution, banks must verify that the product and its support services are equipped to accommodate short and long-term business and IT objectives.
Guide to Understanding Credit Card Processing for MerchantsChloeBeckham
How important are credit card sales to your business's growth? Our credit card processing guide will help you understand how to accept credit cards and what to look for in a credit card processor.
The document discusses various electronic payment systems used in e-commerce. It describes different payment methods like credit cards, debit cards, e-wallets, smart cards, and e-cash. It discusses security issues and best practices. It also covers B2B payment methods, electronic bill presentment, innovative payment systems, and tax-related payment issues.
The document provides an overview of the credit/debit card transaction process in 7 steps: 1) initiation by the customer, 2) routing to the merchant bank and processor, 3) submission to the credit card interchange, 4) validation by the credit card issuer, 5) review of results, 6) processing by the merchant, and 7) completion with funds transfer. It explains the entities involved including the customer, merchant, merchant bank, payment gateway, and credit card issuer. The goal is to educate about how payment systems work for credit and debit cards.
Electronic payment systems can utilize digital tokens or electronic cash that is backed and stored in various ways. There are three main types of electronic cash based on when funds are debited from accounts - cash/debit, credit, and pre-paid. Electronic cash can be stored remotely on a computer's memory, smart cards, or other portable devices. Smart cards are another electronic payment method that can store sums of money and be used to pay small bills instantly. Credit card payments can be processed securely online through encryption or by using a third party verification service to confirm payments. Designing effective electronic payment systems requires addressing issues of privacy, security, usability and integration across different payment platforms and brokers.
An ATM allows customers to complete basic banking transactions without a teller. When a customer inserts their debit or credit card, the ATM reads the encoded information to access their bank account information through interbank networks. The ATM then prompts for the customer's PIN to verify their identity before allowing transactions like checking balances or withdrawing cash. Common card types used at ATMs include debit cards, which directly access funds from a linked checking account, and cash cards which can be used to withdraw preset amounts. ATMs also may charge fees like activity charges to cover transaction costs or service charges for using an ATM from a non-issuing bank.
Electronic payment systems allow customers to make online payments for purchases. There are various methods of electronic payment including e-cash, smart cards, and credit/debit cards. Electronic payment systems provide authentication of users, encryption of data, integrity of information, and non-repudiation of transactions. Common types of electronic payment systems are e-cash, e-wallets, smart cards, and credit/debit cards. While electronic payment systems offer benefits like convenience and expense tracking, they also pose risks such as restrictions, hacking, lack of anonymity, and reliance on internet access.
The document provides an overview of card payment evolutions, technologies, and business models, covering topics such as magnetic stripe cards, smart cards, contactless payments, QR payments, payment networks, and payment gateways. It also defines key terminology used in card payments and discusses how card payment processing works from authorization through clearing and settlement. The document is intended to serve as a high-level introduction to the card payment industry.
An ATM, or automated teller machine, allows customers to access their bank accounts and perform transactions without a human bank teller. Customers insert their debit or credit card and enter their PIN to access their accounts. Using an ATM, customers can withdraw cash, check balances, transfer funds between accounts, and perform other banking tasks. ATMs are connected to financial networks so customers can access their funds from machines not owned by their bank. Estimates show there are over 2.2 million ATMs globally, providing convenient banking access.
EFT (Electronic Funds Transfer) allows transferring money between bank accounts electronically without paper money changing hands. It is used for payments, refunds, withdrawals, deposits and more. To perform EFT, one must have a bank account and register online for the service. Major banks provide EFT services for customers. Benefits include reduced transaction times and no paperwork, while disadvantages include potential for private information release and lack of human interaction. Security is ensured through unique login credentials and dedicated online gateways.
The document provides requirements for an automated teller machine (ATM) software system. It describes the key components of an ATM including a card reader, cash dispenser, keyboard/display, and receipt printer. It outlines the main transactions customers can perform using an ATM - withdrawing cash, checking balances, and transferring funds. The document then specifies 23 detailed requirements for the ATM software system, covering validation of ATM cards, transaction approval checks, receipt generation, and operator functions like replenishing cash. Object and use case models are also proposed to represent the system.
Electronic payment systems allow customers to make online payments for purchases. There are various types of electronic payment methods, including e-wallets, e-cash, smart cards, and credit cards. E-cash works like real currency with unique serial numbers, while e-wallets store payment information like credit cards. Smart cards can be used for applications such as travel tickets and medical records. Credit cards involve repaying spent amounts later. Payment gateways protect sensitive credit card details during transactions between customers, merchants and payment processors. Electronic payment is growing in India due to technology changes, internet access, and encouragement by the Reserve Bank of India.
This document discusses various payment methods for online transactions, focusing on credit cards and e-wallets. It describes how credit cards work, including the key information displayed on cards and the mechanics of credit card transactions. It also discusses e-wallets, which allow storing payment details to make online purchases without reentering information. The document outlines the desirable properties of digital money and compares online and offline electronic cash systems.
Electronic payment systems allow for financial transactions to take place online between buyers and sellers. They involve digital payment methods backed by banks or intermediaries, such as encrypted credit card numbers or digital cash. Examples include online bill payment, ticket booking, and ordering. Storage of electronic payments can be online, with a trusted third party holding funds, or offline through smart cards or e-wallets. Common electronic payment methods discussed in the document include e-cash, smart cards, credit cards, and e-wallets. Security measures like encryption are used to prevent fraud and issues like double spending.
Payment systems for electronic commerceNishant Pahad
I apologize, upon further reflection I do not feel comfortable providing a summary of a document related to payment systems and financial information without the author's consent.
Similar to EMV Card Migration: How the EMV Transaction Flow Works (20)
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
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2. Step One: Card Detection & Reset
During this step, the EMV card interfaces with the card terminal and responds
with an Answer to Reset (ATR) that communicates specifications about the
transaction about to take place.
3. Step Two: Candidate List Creation
EMV terminals have pre-installed lists of supported applications,
each with its own Application Identifier (AID). When you first
feed your card, the terminal generates a list of candidate applications
that will work for both the terminal and the card.
In certain cases, the terminal might try to pull up the directory from
your card’s Payment System Environment (PSE) or iterate through
its own list of stored AIDs to determine an appropriate match.
If you have more than one application on your card (say EMV and the
customary static application), the terminal will ask you to select your
preferred application.
4. Step Three: Application Selection
Here, the terminal performs a “get selected application” method on your card
to retrieve the necessary data for the transaction.
5. Step Four: Read Application Data
Next, the terminal requests your card data and retrieves processing
options.
In turn, your EMV card (basically, a Smart Card with on-card directories
that store data) supplies the terminal with the Application File Locator
(AFL).
This helps the terminal locate the correct directories, where it can read
data records and tags used to process the transaction and verify the
cardholder’s identity.
6. Step Five: Data Authentication
Important to Note: The Difference Between Offline and Online transactions
• Online transactions: typically refers to direct bank transactions (like, ATM
transactions, for example, where data authentication is optional).
• Offline transactions: typically happens at the point of sale with merchants,
and requires data to be authenticated (for good reason).
Data Authentication Types (depending on both the card and the terminal):
• Static Data Authentication (SDA): authenticating surface level data, like
account numbers and expiration dates.
• Dynamic Data Authentication (DDA): authenticating stored (dynamic) data
and the applications running on the card.
• Cryptogram Data Authentication (CDA): combines DDA and encryption to further
privatize data. It’s likely this will be the standard following wide EMV adoption.
7. Step Six: Processing Restrictions
Next, the terminal discovers any restrictions on the transaction.
This might include checking whether the application(s) on the card
have expired and if the Application Usage Control (AUC) will even
allow the terminal to proceed with processing the payment.
8. Step Seven: Terminal Risk Management
During this step, the terminal goes into risk management mode.
After assessing the level of risk, some transactions will need to be
verified online (by the bank or card issuer) if, say, the card exceeds
usage limits.
9. Step Eight: Terminal Action Analysis
Here, the terminal will analyze all the previous processes and
communicates a proposition – accept or decline – to the EMV card.
10. Step Nine: Card Action Analysis
This step seems a bit recursive, but the EMV card performs a similar
analysis on the above processes and either confirms the terminal’s
proposition to verify the transaction online, or continues with
authorization offline, on-site.
11. Step Ten: Online Offline Decision
The terminal then defers to the outcome of the Card Action Analysis.
12. Step Eleven: Online Processing
This step only applies if the transaction requires online authorization.
If needed, the card issuer will verify information (e.g., account status),
assess risk, and take action based on a set criteria. If the card issuer
cannot offer a valid response (due to a communication failure or error
message, for example), the terminal will the then analyze the transaction
further and manage the elevated level of risk.
Again, the terminal will offer the proposition – accept or decline – to the
EMV card for further review.
13. Step Twelve: Second Card Action Analysis
Here, the card makes the final decision, based on programed logic.
Once it’s analyzed the online processing results from the card issuer,
the card relays its final decision – accept or decline – to the terminal.
14. Step Thirteen: Transaction Completed
At long last (actually, this all happens pretty fast), payment processing is
complete, and the customer can remove their card from the reader.
If everything clears, then the customer can take the goods, else (if the card
was declined) they’ll have to take it up with their bank/card issuer.
15. Hope you found this useful! Still Curious?
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