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An example of mental accounting is people's willingness to pay more for goods when using credit cards than if they are paying with cash. [1] This phenomenon is referred to as payment decoupling. Mental accounting (or psychological accounting ) is a model of consumer behaviour developed by Richard Thaler that attempts to describe the process ...
3-D Secure is a protocol designed to be an additional security layer for online credit and debit card transactions. The name refers to the "three domains" which interact using the protocol: the merchant/acquirer domain, the issuer domain, and the interoperability domain.
Strong customer authentication (SCA) is a requirement of the EU Revised Directive on Payment Services (PSD2) on payment service providers within the European Economic Area. The requirement ensures that electronic payments are performed with multi-factor authentication , to increase the security of electronic payments. [ 1 ]
The response displayed by a CAP reader essentially consists of the various parts of the card's response (Application Transaction Counter, MAC, etc.) which is then reduced to specific bits as determined by the Issuer Authentication Indicator (IAI) record stored in the card (this is set on a per-issuer basis, although should an issuer desire, it ...
Electronic access card/Smart card - Smart card are credit card-sized plastic cards that house an embedded integrated circuit. They can be used in electronic commerce for providing personal security, stored value and mobility. At the functional level, smart cards can be categorised as either memory cards or microprocessor cards.
Third-party verification adds an important element of proof to electronic transactions. For example, in a just-completed experimental study of consumer reactions to electronic contracts, over 80% of respondents agreed that a transaction was harder to dispute because the verification was made and held by an independent third party.
The application sends the tokenization data and authentication information to the tokenization system. It is stopped if authentication fails and the data is delivered to an event management system. As a result, administrators can discover problems and effectively manage the system. The system moves on to the next phase if authentication is ...
Plastic credit cards. Plastic cards usually serve as identity documents, thus providing authentication.In combination with other assets that complement the data stored on the card, like PIN numbers, they also serve authorization purposes, most often as bank cards for allowing their holders to do financial transactions.