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Payment Tokenization Terminology

I had a lot of trouble with new terminologies when I took part in Samsung Pay. Someone may be in the same situation somewhere. I will introduce very basic words here.

Tokenization: It's not about bus token.

  • replaces a real card an account number; a virtual one-time card?
  • is bound to a single merchant(shop)
  • need a ID&V of cardholder to create it

Token Components

  • 15-19 digits + expiration date
  • cryptogram that is unique to each transaction

PAN (Primary Account Number)

  • 13-15 digits representing a card account number
  • A single PAN may be associated with multiple tokens

Card Issuers

  • are banks who issue credit cards
  • give cardholders(card users) credit for spending
  • send merchants payments for purchases

Major issuers

  • Amex, Discover: issuer and payment network at the same time
  • BoA, Capital One, Citi, Wells Fargo, Barclay, and so on

Major Card Networks

  • Visa, Mastercard, Amex, Discover, and so forth

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