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MCCs are assigned either by merchant type (e.g., one for hotels, one for office supply stores, etc.) or by merchant name (e.g., 3000 for United Airlines [1]) and is assigned to a merchant by a credit card company when the business first starts accepting that card as a form of payment. [2]
An automated clearing house ( ACH) is a computer-based electronic network for processing transactions, [ 1] usually domestic low value payments, between participating financial institutions. It may support both credit transfers and direct debits. [ 2][ 3] The ACH system is designed to process batches of payments containing numerous transactions ...
An identity document (also called ID or colloquially as papers) is any document that may be used to prove a person's identity. If issued in a small, standard credit card size form, it is usually called an identity card ( IC, ID card, citizen card ), [ a] or passport card. [ b] Some countries issue formal identity documents, as national ...
The Malaysian Electronic Payment System ( MEPS) is an interbank network service provider in Malaysia. In August 2017, MEPS merged with Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear) to form Payments Network Malaysia Sdn Bhd (PayNet) . With the result of the merger, PayNet is now the holding company for the PayNet Group which ...
EMV. EMV is a payment method based on a technical standard for smart payment cards and for payment terminals and automated teller machines which can accept them. EMV stands for " Europay, Mastercard, and Visa ", the three companies that created the standard. [ 1] EMV cards are smart cards, also called chip cards, integrated circuit cards, or IC ...
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Citibank Berhad is a licensed commercial bank [ 1] operating in Malaysia with its headquarters in Jalan Ampang, Kuala Lumpur. [ 2][ 7] Citibank Berhad operates as a subsidiary of Citigroup Holding (Singapore) Private Limited, commencing its banking operations in Malaysia since 1959. [ 8] Citibank Berhad was locally incorporated in 1994.
Contactless payments are made in close physical proximity, unlike other types of mobile payments which use broad-area cellular or Wi-Fi networks and do not involve close physical proximity. EMV (abbreviation for Europay, Mastercard, and Visa) is a common standard used by major credit card and smartphone companies for use in general commerce.