Press enter or click to view image in full size
I am very sure that each one of you reading this post have a debit or credit card, and some times you might have wondered how it works ? What happens when you swipe the card or how does contactless tapping works? Why there is a chip in my card ? With this post I will try to answer all the basic questions pertaining to credit/debit cards.
- What is a debit/credit card ?
- How it is manufactured ?
- How it works ?
- Contact Card payments
- Contactless Card payments
- EMV based Contactless Mobile payments
- EMV based Tokenization
What is a debit/credit card ?
A credit/debit card is a payment card issued to an individual (called cardholder) to enable cardholder to pay a merchant. Such cards are usually issued by banks.
Credit cards have been in existence since 1930s, back then they were used in very crude form using military dogtags. In September 1958, Bank of America launched the BankAmericard in Fresno, California, which would become the first successful recognizably modern credit card.
Payment cards come in two versions
- Magstripe based cards