credit card transactions

Discussion in 'Credit Talk' started by sreram, Oct 13, 2000.

  1. sreram

    sreram Guest


    I want to know all about credit cards and transactions(both online and offline). What actually happens when we buy through credit cards.Is there any database or authority that governs credit cards.Please do give me information.
  2. RMike

    RMike Guest

    There are a number of Internet sites where one can focus on specific aspects of credit card processing, but no one repository to answer all questions. As a matter of fact, unless you are employed by a card Issuer, merchant Acquirer or third-party software developer, you may find it difficult to get really detailed information on the internals of what happens; after the merchant swipes your plastic.

    In reality, itâ??s much too detailed to discuss in this forum. Suffice it to say that a high level, Visa authorizations process much like MasterCard authorizations and MasterCard much like American Express. A closer look however, will reveal some significant differences in message format and content. The one thing they all have in common is a standard known as ISO 8583 which deals with financial electronic messages. If youâ??re really interested and want to spend some money, you can go to their web site (, pay the fee and receive their documentation on the subject. This alone however will not give you a complete picture.

    Another site ( deals exclusively with smart cards and its technology. This site (if I recall correctly) has a link to MasterCard and an article on smart card loyalty programs. Another site is IBM and their RedBook series (sorry I donâ??t have the URL handy). There is a very good article which is actually a case study done for smart cards.

    Hope this helps.

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