World Library  
Flag as Inappropriate
Email this Article

Payment card industry

Article Id: WHEBN0008889260
Reproduction Date:

Title: Payment card industry  
Author: World Heritage Encyclopedia
Language: English
Subject: Qualified Security Assessor, SecurityMetrics, PIN pad, Industries, Sport industry
Collection:
Publisher: World Heritage Encyclopedia
Publication
Date:
 

Payment card industry

The payment card industry (PCI) denotes the debit, credit, prepaid, e-purse, ATM, and POS cards and associated businesses.

Overview

The payment card industry consists of all the organizations which store, process and transmit cardholder data, most notably for debit cards and credit cards. The security standards are developed by the Payment Card Industry Security Standards Council which develops the Payment Card Industry Data Security Standards used throughout the industry. Individual card brands establish compliance requirements that are used by service providers and have their own compliance programs. Major card brands include American Express, Discover Financial Services, Japan Credit Bureau, MasterCard Worldwide and Visa International. Most companies use member banks that connect and accept transactions from the card brands. Not all card brands use member banks, like American Express, these instead act as their own bank.[1]

As of 2014, the United States uses a magnetic stripe on a card to process transactions and its security relies on the holder's signature and visual inspection of the card to check for features such as hologram. This system will be outmoded and replaced by EMV in 2015.[2] EMV a global standard for inter-operation of integrated circuit cards (IC cards or "chip cards") and IC card capable point of sale (POS) terminals and automated teller machines (ATMs), for authenticating credit and debit card transactions. It has enhanced security features, but is still susceptible to fraud.[2]

Payment Card Industry Security Standards Council

On September 7, 2006, Royal Bank of Scotland, TD Bank and Wells Fargo.[3] A total of 275 merchants were listed, including Amazon.com, Burger King, Citgo, Dell, Equifax, Exxon Mobil, Global Cash Access, Motorola, Microsoft, Southwest Airlines and Walmart.[3]

Industry Growth

MasterCard's Nicole Krieg was noted that the credit card market started in early 2000, when issuers first began launching products.[4] However, credit products became especially popular in Russia in 2005, after new legislation took effect. Immense growth was noted in just eight years, by comparing second quarter growth on Visa card purchases, which went from $306 million in 2002 to $61.5 billion in 2010. Merchants who accepted Visa cards also increased from 21,000 to 331,000 during the same period. Visa also noted that they had issued 70 million cards and the Central Bank of the Russian Federation reported that 8.6 million credit cards were on issue.[4]

Regional and National Payment Schemes

Interac Association

The

References

  1. ^ McAndrew, Tom (2009). "A Compliance Overview for the Payment Card Industry (PCI)". Coalfire Systems Inc. 2009. Retrieved 1 August 2014. 
  2. ^ a b Geuss, Megan (2 August 2014). "Chip-based credit cards are a decade old; why doesn’t the US rely on them yet?". Ars Technica. Retrieved 2 August 2014. 
  3. ^ a b c "Participating Organizations". Payment Card Industry Security Standards Council. Retrieved 1 August 2014. 
  4. ^ a b Peshkov, Alex (October 15, 2010). "Card Brands, Issuers Report Dramatic Rise In Russian Card Market.(News)". Cardline. Retrieved 1 August 2014 – via  

External links

Payment card industry

EMV

  • EMVCo, the organization responsible for developing and maintaining the EMV standard
  • Chip and PIN, site run by the UK Payments Administration (UKPA), the UK's central co-ordinating authority for the implementation of EMV
This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 



Copyright © World Library Foundation. All rights reserved. eBooks from World Library are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.