Glossary

The following terms, organised alphabetically, are used within the cards industry. Here you will find simple explanations to help you navigate the jargon and specialist terminology.

Maestro	A MasterCard debit card scheme enabling cardholders to make payments to participating merchants in the scheme. Back to top
Magnetic Stripe	The 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. Back to top
MasterCard	An international card scheme Back to top
MasterCard SecureCode	The MasterCard brand name for their service that uses the 3D Secure standard (the technical standard developed by Visa and MasterCard to secure card transactions over the internet). Back to top
Merchant	A place or shop where purchases are made, including those on the Internet. Back to top
Merchant Service Agreement	An agreement between an acquiring bank and their merchant stating the terms and conditions on which the acquiring bank agrees that the merchant can accept card transactions. Back to top
Minimum Monthly Service Charge	A minimum fee applied by an acquiring bank for processing a merchant card transactions Back to top
Minimum Payment	The minimum amount that a cardholder must pay, if there is an outstanding balance on their account, to their credit card issuer each month. The amount is usually expressed as a percentage and will vary depending on the outstanding balance. Back to top
MO/TO	An acronym for mail order/telephone order that refers to card-not-present transactions Back to top
MSC (Merchant Service Charge)	The pricing for transactions or card acceptance that a merchant will negotiate with their acquiring bank. Back to top
Multi-function card	A payment card fulfilling two or more roles, typically a debit card also providing ATM and/or cheque guarantee functions. Back to top

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