represented by their Card, while the Merchant is represented by their Point of Sale (POS) Terminal. Many technologies have been used for facilitating communication between credit cards and terminals. The ones in current use today, in order of emergence, are magnetic stripes, integrated circuit cards (“Smartcards”), RFenabled Smartcards (“Contactless”), and NFC devices. Figure 1 shows the different kinds of interfaces that a POS terminal can use when interacting with a FIGURE 1. The three most common interfaces…
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