Univ.-Prof. Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.English-language economic definitions generated from approved international institutional sources.
A chip card, or smart card, is a payment credential with an integrated circuit that can securely retain data and perform certain operations during a transaction. Unlike cards that merely present account details for processing elsewhere, it contains computing functionality that supports card-based payments.
A card issuer is the organization responsible for providing a customer with a payment card and overseeing the account linked to it. When the card is used, the issuer checks the transaction, applies its approval or decline decision, and settles the issuer's obligations through the payment network. It may also bear responsibility for funding approved… read more »
The cash feature of a bank or payment card permits transactions involving physical currency at an ATM or comparable terminal, such as taking money out and, where supported, putting money in. A card may offer this feature alongside its purchase capability; the two services are conceptually separate and may vary according to the issuer and… read more »
A cardholder is the individual designated to use a payment card under the terms set by the provider. This designation may apply to a physical card or a card made available electronically, and it distinguishes the permitted user from entities such as the issuer, merchant, or payment processor.
In payments, a brand is the market identity under which a provider offers a card or other payment service. It enables users and businesses to recognize the product and distinguishes it from competing offerings in the markets where it is made available.