Card Swiping Secrets Unveiled: How VISA, Mastercard, and Amex Make Money Moves
Credit cards are now an essential aspect of our daily lives, streamlining transactions significantly. Behind the scenes, major players such as VISA, Mastercard, and American Express serve as intermediaries, guaranteeing smooth payments between purchasers and vendors. Let's explore the intricate choreography of transactions and funds that unfolds each time we swipe our credit cards at a merchant's establishment. The Card Networks: Streamlining Transactions When we use a credit card to make a purchase, the process involves multiple stages to ensure that funds seamlessly transfer from the buyer's account to the seller's. The central figures in this process are the card networks - VISA, Mastercard, and American Express. Also Read: Pune Couple's Organized Cyber Blackmailing Scandal Uncovered Authorization Flow Card Issuance: Initially, a card-issuing bank provides credit cards to its clients. Customer Initiation: The cardholder begins a purchase by swiping their credit