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Introduction
Online shopping digital payment transactions may seem quite simple, but in reality, just one single transaction sets off multiple, long-chain reactions. The Payment Card Industry comprises debit cards, credit cards, prepaid, e-purse/e-wallet, and POS payment transactions that enable easy payment transactions for consumers. However, the card scheme is a popular payment transaction process which is also a central payment network that uses credit and debit cards to process payments.
The Payment Network: Four Corner Payment Security Model |
The Four Corner Model of Payment Security and How it Works
The card payment network, often called the Four Party Scheme, comprises multiple entities involved in an online transaction. The entities involved would include the Cardholder, the Merchant, the Issuer, and the Acquirer. So, before moving on to understanding how the Four Corner Model works, let us briefly learn about the entities involved and their role in the process.
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