⁉️ What happens behind the scenes when you pay with a card? Let’s uncover how major payment systems like Visa and MasterCard operate. 🌐 Key Participants Customer: Makes the purchase. Merchant: Accepts the payment. Issuer: The customer’s bank that issued the card. Acquirer: The merchant’s bank processing the payment. ♻️ Payment Process 1️⃣ Payment Initiation: The customer uses their card, and the merchant sends a payment request to the acquirer. 2️⃣ Authorization: The acquirer forwards the request to the issuer via the payment network. The issuer verifies funds and approves or declines the transaction, sending the result back. 3️⃣ Clearing and Settlement: Banks reconcile transactions to calculate net sums, followed by the actual fund transfer, which may take several days. https://t.me/barakas_fi/44
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