Course of Circulate Comparability: How VISA Works When Swiping a Credit score Card at a Service provider’s Store VS Digital Pockets
ByteByteGo | Alex Wu | Jul 16, 2022
What occurs whenever you swipe your bank card at a product owner’s store
VISA, Mastercard, and American Categorical act as card networks for clearing and settling funds. The cardboard buying financial institution and the cardboard issuing financial institution may be – and infrequently are – completely different. If banks had been to settle transactions one after the other with out an middleman, every financial institution must settle the transactions with all the opposite banks. That is fairly inefficient.
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To grasp the method concerned, we have to divide the “scan to pay” course of into two sub-processes:
- Service provider generates a QR code and shows it on the display screen
- Client scans the QR code and pays
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