A MasterCard debit card scheme enabling cardholders to make payments to participating merchants in the scheme.
The magnetic stripe that currently appears on the back of all payment cards issued by financial institutions. It contains essential customer and account information, most of which is usually also embossed on the card.
Malware includes computer viruses that can be installed on a computer without the user’s knowledge, typically by users clicking on a link in an unsolicited email, or by downloading suspicious software. Malware is capable of logging keystrokes thereby capturing passwords and other financial information.
Man in the middle fraud
A "man in the middle" attack is a type of fraud that attacks mobile payment devices. In man in the middle attacks, fraudsters are able to intercept information as it gets transmitted wirelessly through the airwaves. Additionally, cell phone worms or malware designed to snatch the data from mobile devices such as iPhones represent a challenge.
An international card scheme.
The MasterCard brand name for its service that uses the 3D Secure standard (the technical standard developed by Visa and MasterCard to secure card transactions over the internet).
A place or shop where purchases are made, including those on the internet.
Merchant service agreement
An agreement between an acquirer and merchant stating the terms and conditions on which the acquirer agrees that the merchant can accept card transactions.
Minimum monthly service charge
A minimum fee applied by an acquirer for processing a merchant’s card transactions.
The minimum amount that cardholders must repay if there is an outstanding balance on their account at the end of the billing period - usually expressed as a percentage. For new accounts opened from April 2011, credit card companies must set the minimum repayment at a rate that reduces the balance by 1% each month. Some credit card companies may also extend this requirement to existing customers.
An acronym for mail order and telephone order that refers to card-not-present transactions.
MSC (Merchant service charge)
The pricing for transactions or card acceptance that a merchant will negotiate with its acquirer.
A payment card fulfilling two or more roles, typically a debit card also providing ATM functions.
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