Briefly describe the characteristics of credit card payment systems?

Characteristics of credit card payment system

The main characteristics of credit card-based electronic payment system are: each electronic credit card represents an account, the bank through the transfer of funds to realize the consumer's payment function. Consumers first obtain goods or services, and then pay through the bank, the bank's credit card account lags behind the payment of goods, so it is fundamentally different from electronic transfer, is a "delayed payment" payment method. The electronic credit card payment system needs to be operated online, allows overdraft, does not support offline payment, in each payment process must realize the customer, the merchant, the bank and the issuer of the online multi-party authentication and mutual transmission of data, compared with the small amount of payment is too expensive.

Convenience. Convenience means that consumers using credit cards to pay online eliminate the need for traditional payment methods such as Western Union, MoneyGram, and Telegraphic Transfer to first go to the appropriate institution.

Real-time. Real-time because all operations are completed online, so buyers and sellers are able to know in the shortest possible time the success of the payment or not.

Security. Safety is because the credit card online payment method is provided by the third party payment company, but because the third party payment company is with the bank and credit card organization cooperation, so out of the third party's own risk control system, more powerful bank risk control system and credit card organization credit card database as a guarantee. It is possible to block out payments from areas with bad credit records, suspicion of stolen card spending, and high-risk credit (which is why it is impossible to achieve a 100% payment success rate for online credit card payments), maximizing the security of the transaction.

The credit card payment system means that a consumer must apply for a credit card from a bank, obtain a credit card number and spending limit, and then be able to make purchases by inputting the credit card number during online transactions.

In addition, this year, banks and credit card organizations in various countries have put forward requirements for third-party payment companies to certify secure payments, and only those third-party payment companies that have been certified as secure can be qualified to provide credit card online payment services. Foreign currency (visa.mastercardl international credit card 3D and non-3D collection channel)