Payment card industry
The payment card industry (PCI) denotes the payment systems used for debit, credit, prepaid, e-purse, ATM, and POS cards and associated businesses.
Overview
[edit]The payment card industry consists of all the organizations involved in payment systems. They 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, Diners Club International, Discover Card, JCB, Mastercard, Mir, RuPay, UnionPay and Visa. 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][promotional source?]
EMV is a global standard for inter-operation of smart 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]
In Russia
[edit]The Russian credit card market started in early 2000, when issuers first began launching products.[3] 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.[3]
Related organizations
[edit]- Payment Card Industry Security Standards Council - a network of financial institutions and vendors that manage the Payment Card Industry Data Security Standard
- Interac - an Interbank network in Canada that enables ATM cards issued by a financial institution that is a member of the network to be used to perform transactions through ATMs that belong to another member of the network.
See also
[edit]References
[edit]- ↑ McAndrew, Tom (2009). "A Compliance Overview for the Payment Card Industry (PCI)" (PDF). Coalfire Systems Inc. 2009. Retrieved 1 August 2014.
- ↑ 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.
- 1 2 Peshkov, Alex (15 October 2010). "Card Brands, Issuers Report Dramatic Rise In Russian Card Market". Cardline. Archived from the original on 8 August 2014. Retrieved 1 August 2014 – via HighBeam Research. (Partial story rendition from HighBeam.com archive.)
External links
[edit]Payment card industry
[edit]- PCI Security Standards Council, the organization responsible for the development, enhancement, storage, dissemination and implementation of security standards for account data protection.
- The European Payment Council (EPC) is the decision-making and coordination body of the European banking industry in relation to payments.
- PCI Security Standards Council Participating Organizations
EMV
[edit]- EMVCo, the organization responsible for developing and maintaining the EMV standard
- Chip and PIN Archived 13 March 2018 at the Wayback Machine, site run by the UK Payments Administration (UKPA), the UK's central co-ordinating authority for the implementation of EMV
