Ever thought what happens when you swipe your card over the small "electronic box" in a consumer shop? If you haven't, well this post would be interesting to read!! Before we proceed further you should be familiar with the data on your card. Cardholder name, PAN (Card Number), Expiry data, CVV/CVV2, Track data on the magnetic strip are some of the key details on your card. OK! Lets get to the point! When you swipe your card at a POS terminal (tip: do a google search about POS) we may breakdown the transaction into three main phases. It would be: 1. Authorization 2.Clearing 3. Settlement Now lets see this in brief! Authorization: This simply means that you are trying to prove the genuineness of the card which you carry, if it is genuine, also allowing the merchant to bill you for the product you purchased. Checkout the below pic: Understanding Issuer and Acquirer: Who provides a credit card to you?...............Issuer Where does...
By now you must have noticed the domain name! And....there is a good chance that you might be an Information Security Professional if you visited this page. This website is a mixture of everything with Security, Compliance and certifications. You will find guidance, updates, handbooks on various concepts and certifications. I hope you find something useful. Cheers!