Glossary

Cards

Cards are plastic payment instruments issued by banks or financial institutions that allow cardholders to conduct cashless transactions. These cards can be classified into three primary types: debit, credit, and prepaid. Each type of card has a specific function:

Cards operate within networks managed by card associations like Visa, MasterCard, American Express, and Discover. These networks facilitate the processing of transactions, ensuring that payments are securely handled and properly routed between merchants, card issuing banks, and cardholders.

A typical payment card features several key elements:

Furthermore, cards may be linked to digital wallets (eWallets) or other local payment methods, enhancing their utility and convenience. They are commonly used for withdrawing cash from ATMs, making in-person purchases at point-of-sale terminals, and for online transactions through eCommerce websites or mobile applications. The versatility and widespread acceptance of payment cards make them a fundamental component of modern financial transactions, providing users with a secure and convenient way to manage their money.

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