Card transaction data is a financial transaction of a bank. [1] It consists of the use of either a debit card or a credit card to generate data for the. Transaction data Describes year Action Composed of events in qui master dataParticipates. Transaction focuses on the price, discount and method of payment interaction between the customer and the organization. [2] They are based on volatility as each transaction is changed. Since debit and credit cards are commonly used to pay for goods and services, They represent a strong percentage of the consumption expenditure in the country. [3]

Overview

When a transaction is made, the card holder is offered a paper or electronic transaction containing information about the purchase. This includes: transaction amount, transaction number, transaction date and time, transaction type (deposits, withdrawal, purchase or refund), type of account being debited or credited, As the identity of the terminal (company name from which the machine operates). [4] The use of debit cards in 2014 increased by 18% from the 2011 total volume of Canadian Payment Methods. [5] As for credit cards, it increased by 26% from the 2011 total volume of Canadian Payment Methods. [5] These two types of payment methods combine to make more transactions than cash. Card transaction data has increased through the expansion of payment channels to customers. Additionally, incentive and reward programs have increased the use of electronic cards for their benefits. [5]The use of contactless and e-commerce payment has also allowed for a growth in card transaction data to increase due to the simplicity of the transaction. The use of Interact Debit transactions have increased rapidly in the last six years according to Interact Debit statistics. [6] However, the United States , Sweden , Netherlands , Australia , and Great Britain . Incentive and reward programs have increased the use of electronic cards for their benefits. [5]The use of contactless and e-commerce payment has also allowed for a growth in card transaction data to increase due to the simplicity of the transaction. The use of Interact Debit transactions have increased rapidly in the last six years according to Interact Debit statistics. [6] However, the United States , Sweden , Netherlands , Australia , and Great Britain . Incentive and reward programs have increased the use of electronic cards for their benefits. [5]The use of contactless and e-commerce payment has also allowed for a growth in card transaction data to increase due to the simplicity of the transaction. The use of Interact Debit transactions have increased rapidly in the last six years according to Interact Debit statistics. [6] However, the United States , Sweden , Netherlands , Australia , and Great Britain . [5] The use of contactless and e-commerce payment has also allowed for a growth in card transaction data to increase due to the simplicity of the transaction. The use of Interact Debit transactions have increased rapidly in the last six years according to Interact Debit statistics. [6] However, the United States , Sweden , Netherlands , Australia , and Great Britain . [5] The use of contactless and e-commerce payment has also allowed for a growth in card transaction data to increase due to the simplicity of the transaction. The use of Interact Debit transactions have increased rapidly in the last six years according to Interact Debit statistics. [6] However, the United States , Sweden , Netherlands , Australia , and Great Britain . The use of Interact Debit transactions have increased rapidly in the last six years according to Interact Debit statistics. [6] However, the United States , Sweden , Netherlands , Australia , and Great Britain . The use of Interact Debit transactions have increased rapidly in the last six years according to Interact Debit statistics. [6] However, the United States , Sweden , Netherlands , Australia , and Great Britain .

Credit cards

Terminal processes of credit card transactions:

  • purchase
  • Purchase-void
  • Refund
  • Refund-void
  • Pre-authorization
  • Private label payment
  • Private label payment-void
  • Note: Process Terminal pre-paid credit cards

Type of credit cards:

  • Standard ( MasterCard , Visa , Discover, AMEX )
  • Pre-paid (MasterCard, Visa, Discover, AMEX)
  • Corporate (purchasing) cards (as long as it is a processable standard card, ie standard Visa cards are processable)
  • Private label cards (depending on the terms of agreement between the company’s financial terminal data generator [7]

Debit cards

Terminal processes of debit card transactions:

  • purchase
  • Purchase-void
  • Refund
  • Refund-Void
  • Some debit chips may also allow:
    • Pre-Authorization
    • Private label payment
    • Private label payment-void
  • Note: debit card-holder must input their own PIN to complete transaction [8]

Point of sale terminals will give access to information

Uses

Transaction data, especially for credit card use. [9] This is not the case. The data collected is often kept anonymous and aggregate yet it can still define users within a specific ZIP code region for certain types purchases. [9] This information allows for the analysis of the type of consumers found within a specific region. This information is then beneficial to companies or stores as it provides data on they kind of consumer they are targeting and how to increase their revenue in sales. Allowing for the statistics to be gathered and marketing targeted in a more general way rather than based on consumer personal transactions. Due to privacy concerns, companies such as MasterCard have refrained from sharing more detailed data on a more individual basis. [9] Some companies such as MasterCard are planning to combine their card transaction with purchase history and loyalty cards. [9] Allowing for a more definite collection of statistical data of consumer buying and spending habits. Companies such as MasterCard have refrained from [9] Some companies such as MasterCard are planning to combine their card transaction with purchase history and loyalty cards. [9] Allowing for a more definite collection of statistical data of consumer buying and spending habits. Companies such as MasterCard have refrained from [9] Some companies such as MasterCard are planning to combine their card transaction with purchase history and loyalty cards. [9] Allowing for a more definite collection of statistical data of consumer buying and spending habits.

Card transaction data levels

Some companies such as PayPal offer an incentive rates program for merchants who offer more detailed information on their sales transactions. [10] They are only eligible for merchants who comply with Level 2 or Level 3 transactions, transactions that fall under Level 1 qualify as a normal card transaction. [2]. (1). (1). ( 2). (2). (2). [10] This is another form of collecting card transaction that can be completed by the merchant after the transaction has been made. The level of the transaction is the highest in the world. [10]

PayPal: Terms of Service:

Level 1

  • Any merchant who accept credit cards complies with this level. It functions as a normal credit card and is authorized and associated with normal transaction data. [10]

Level 2

  • Additional data relating to the sale, such as tax, customer code, purchase number, invoice number etc. Is captured at the point of sale. Most of the time it is combined with the merchants information such as Tax ID number, state and postal code data. [10]

Level 3

  • Significant additional information on the product or service is shared as well as the items listed below.

Advantages

Sharing card transaction data can be beneficial to customers as well as to provide better products and services tailored to them directly. This is a spending, but for a consumer. Allowing for marketers to understand consumers better can increase the chances of consumers getting more products and searches that they want in a way that they desire. This article is also available in French. [11] It is also beneficial to companies that have this type of information. [11] Offering the opportunity for a competitive advantage in other companies in this high technologically advanced era, this information is crucial in today’s business world. This is a great opportunity to see what happens in the future. This encourages the idea of ​​promotional services to be offered to select groups who will take the most advantage from the opportunity.

Disadvantages

Keeping this type of data anonymous is a challenge for debit and credit card companies which share the information with third parties. Metadata with certain properties, especially a geographical location attached, are hard to keep unsourced. [12] Other patterns of behavior are also uniquely identifiable. [12] As more information becomes available and is tagged by people’s consuming behavior, this will only get harder to do. [12] The standards for protection and enforcement against the OECD member nations. [12] The United States does not have any enforced national law for reporting consumer data breaches. [12]

References

  1. Jump up^ “Financial Transactions” . Www.moneris.com . Retrieved 2016-11-06 .
  2. Jump up^ “Master Data VS Transaction Data” . Www.intricity.com . Retrieved 2016-11-06 .
  3. Jump up^ Minish, Henry (2007). The Development of Electronic Card Transaction Statistics . New Zealand: Business Indicators – Statistics New Zealand. p. 1.
  4. Jump up^ Canada, Financial Consumer Agency of. “Canadian Code of Practice for Consumer Debit Card Services – Debit Card Transactions” . Www.fcac-acfc.gc.ca . Retrieved 2016-11-06 .
  5. ^ Jump up to:c Tompkins, Michael. “Canadian Payment Methods and Trends: 2015” (PDF) . Canadian Payments Association Discussion Paper . Canadian Payments Association. No. 4. ISSN  2369-3541 .
  6. Jump up^ “Interac – Interac Debit” . Www.interac.ca . Retrieved 2016-11-06 .
  7. Jump up^ “Credit Card Transactions” . Www.moneris.com . Retrieved 2016-11-06 .
  8. Jump up^ “Debit Card Transactions” . Www.moneris.com . Retrieved 2016-11-06 .
  9. ^ Jump up to:d “Mastercard, AmEx Quietly Feed Data to Advertisers” . Retrieved 2016-11-30 .
  10. ^ Jump up to:f “About Purchase Cards” . Www.paypalobjects.com . Retrieved 2016-11-30 .
  11. ^ Jump up to:b Cameron, Mollie; Nichols, Leigh (2008). “Understand” Customer Tempo “to Improve Marketing Results” (PDF) . First Data Corporation .
  12. ^ Jump up to:e Deng, Boer. “People can be identified through their credit-card transactions” . Nature . Doi : 10.1038 / nature.2015.16817 .