Card scheme: Difference between revisions

Revision as of 14:43, 23 August 2021

Revision as of 18:37, 23 August 2021

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The card scheme utilizes the respective [[Guideline|guidelines]]<ref name="Mastercard Rules">{{cite web |last1=Summary of changes 2020 |title=Mastercard card scheme - Rules and guidelines |url=https://www.mastercard.us/content/dam/mccom/global/documents/mastercard-rules.pdf |publisher=Mastercard |date=December 2020}}</ref><ref name="Visa Rules">{{cite web |last1=Visa core rules 2021 |title=Visa card scheme - Product and service rules |url=https://sr.visa.com/content/dam/VCOM/download/about-visa/visa-rules-public.pdf |publisher=Visa |date=April 2021}}</ref> to process the card exchange data from the acquiring to the [[Issuing bank|issuing bank]], and vice-versa, until the [[Payment|payment]]<ref name="Payments industry ecosystem 2021">{{cite web |title=The payment industry’s biggest trends in 2021 |url=https://www.insiderintelligence.com/insights/payments-ecosystem-report/ |publisher=Insider Intelligence |date=July 2021}}</ref> is fully completed (or denied). Credit and [[Debit card|debit cards]] work with four-party scheme, completing an open-circle framework that permits consistent flow of transactions; thus, allowing the banks to handle the whole process.

Card schemes aim to make the transaction convenient and automated for all parties involved in the loop, with the core belief that [[ClientCustomer|clients]] end up spending more than intended when the payment process is simple.

==Key parties==

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===Cardholder===

A [[Cardcard holder|cardholder]]{{dn|date=August 2021}} is a [[Consumer|consumer]], who owns the debit or credit card, issued by their bank, or other financial institution. They aren't legally obliged to use a single card scheme and may own various types of cards, issued by numerous institutions.

===Card issuer===