MasterCard (English: MasterCard) is any electronic payment card that uses the MasterCard network to process transaction information. They can be credit card, debit card or prepaid card.
MasterCard (MasterCard card)
Concept
MasterCard in English is MasterCard card.
A MasterCard card is any electronic payment card that uses the MasterCard network to process transaction information. These cards are usually labeled with the MasterCard logo. They can be credit card, debit card or prepaid card.
MasterCard cards are usually issued as branded cards with the MasterCard logo. This helps determine the card holder’s eligibility for use. Electronic payment cards have an IIN (issuer identification number) that distinguishes MasterCard as the processor for electronic payment. IIN can help identify the card brand if it does not see the logo.
Things to know about Mastercard
Benefits branded cards
MasterCard partners and financial institutions identify the benefits that cardholders can receive from their cards. They also post ads to card partners. To attract a variety of users, financial institutions offer many features on MasterCard branded cards. Some common features may include no annual fees, bonus points, refunds and a 0% referral rate.
Co-branded card
MasterCard is also the leading network processing system in co-brand relationships. In a co-branded card relationship, MasterCard will act as a network processing system in cooperation with a payment bank or a third-party financial institution selected by the retailer. If MasterCard is a network processing system, they have the exclusive right to handle the transfer if an extended communication request is required to process the co-branded card.
Transaction fee
As a network processing service provider, MasterCard charges network fees for every transaction they process. These fees are a factor for merchants who choose to authorize MasterCard payment cards.
The seller pays MasterCard a small percentage for each MasterCard transaction. For traders, this fee comes with all the fees associated with a particular transaction. Merchants, payment banks, network processing systems and card issuers are the four main entities involved in a transaction. Therefore, transaction fees for merchants will usually include network processing system fees and traders get bank transaction fees.
By accepting credit cards, merchants can increase their sales, because consumers prefer convenient and safe payment options. Sellers are paid in full for purchases that consumers have paid to MasterCards. These deposits are deposited into a commercial account managed by the paying bank.
(Reference: investopedia.com)
Other News
Forum on developing electronic payment ecosystem 2019 “Moving with chip technology”
On December 10, 2019 in Hanoi, Vietnam Economic Times, Vietnam National Payment Company (NAPAS) and the Payment Department – The State Bank chaired the organization of the Forum on payment ecosystem development. Electronic 2019 with the theme “Motion with CHIP technology” (EPF 2019). Deputy Prime Minister Vu Duc Dam, Deputy Minister of Health Truong Quoc
Details
Actively convert magnetic cards to chip cards
The current trend in the world is to convert to chip cards to enhance security and security for bank cards. Vietnam can also not be out of this trend when banks are making positive moves, applying domestic chip card standards throughout the system. Increased utility and safety for the card According to the roadmap set
Details
Vietnam will soon become a cashless country
That is the affirmation of Mr. Safdar Khan, a veteran member of Mastercard, who has just taken on the role of the Group’s head of emerging markets in Southeast Asia. According to Nikkei, in Asia, in the battle of electronic payment, Visa and Mastercard are facing many challenges when credit cards seem to be losing
Details
Agribank actively accelerates the conversion of magnetic cards to chip cards
Converting domestic payment cards from magnetic cards to chip cards is one of the key solutions of Vietnam Bank for Agriculture and Rural Development (Agribank), in compliance with the Project of non-cash payment development the 2016-2020 period of the Prime Minister and Circular No. 41/2018 / TT-NHNN dated December 28, 2018 of the State Bank.
Details
Cashless payment: Need drastic from the state management
Promoting cashless payments requires a specific solution, not just propaganda … “The challenge of slowing the transition from magnetic stripe to chip card, what’s the reason?” is the first issue raised during the discussion at the 2019 Electronic Payment Ecosystem Development Forum: Moving with Chip technology by the Vietnam Economic Times in collaboration with Vietnam
Details
Payment via e-wallet, how to ensure safety and convenience?
Using electronic wallet to pay online instead of cash is becoming a trend of Vietnamese consumers. But technology wallets are also the target of cyber attacks … E-wallet is the target of hackers According to Mr. Le Anh Dung – Deputy Director of Payment Department (State Bank of Vietnam), the State Bank has licensed 37
Details
