The payment system and the transnational financial corporation Mastercard unites 22,000 financial institutions in 210 countries around the world. The main headquarters of the company is located in New York, USA.
How it works
The user enters bank card details in a special window on the site or inserts plastic into the POS terminal reader. Next, the payment request is sent to the terminal. Then it is sent to the acquiring bank that serves this merchant.
There is an opinion that after the transaction, the funds are almost immediately credited to the merchant’s account, but in reality this happens only the next day. Until the completion of the operation, the funds are listed as temporarily blocked. These rules are in place to ensure safety.
Safety
Mastercard strives to guarantee a sufficient level of security for transactions on the Internet, which is why it uses SecureCode technology, also known as 3D Secure. This is an additional authentication factor, the essence of which is that when buying in an online store, after entering the card data, a new page appears on which you need to enter a secret code. This can be a permanent code that you have created through your online account, or a one-time password that comes in an SMS from the bank.
