Cashless payment explained

The cashless payment process depends upon a flow of services and payments among various parties.

Parties involved

The issuer: Viseca Card Services

The issuer is charged with card issuer. As a licensee it enjoys a contractual relationship with the international card licensor (MasterCard®, Visa).
 

The cardholder: the consumer

The cardholder applies for the card of his or her choice by way of his or her bank or card issuer. On the basis of a positive credit check, the issuer provides the consumer with a card. Under the aegis of the resultant contractual relationship, which also regulates deployment, the consumer may use his or her card worldwide.
 

The affiliated partner: the merchant

The affiliated partner is a merchant or service provider who accepts credit or debit cards. In order to perform cashless transactions at point of sale, the partner enters into an agreement with the acquirer.
 

The acquirer: Aduno Payment Services

The acquirer is tasked with commercial and processing duties in the interest of the affiliated partner, and provides payment terminals and services for the point of sale. As a licensee it enjoys a contractual relationship with the international card licensor and an acceptance contract with the affiliated partner. It forwards all of its partners’ card transactions to the card issuer and credits the affiliated partner the amount paid by card.
 

The card licensor: MasterCard® and Visa

International card licensors are companies in possession of the rights to card brands (MasterCard®, Visa). They operate the payment systems and set out provisions for issuer and acquirer.
 

Four-party system

1. Merchant commission
2. Repayment of purchase price
3. Payment of purchase price
4. Card fee