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Payment Processing

Card Scheme

What is a card scheme?

card scheme
noun

A card scheme is a payment network that manages and processes payments by means of debit or credit cards. Brand examples of payment schemes are Visa, Mastercard, Discover, JCB, Diners Club International, UnionPay and American Express. The major participants in the payment system process are card holders, issuers, merchants and acquirers. The card scheme sends the card transaction data from the acquiring bank to the issuing bank (merchant to consumer), and after accepting and confirming the payment, sends the payment back to the acquirer.

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