I had a lot of trouble with new terminologies when I took part in Samsung Pay. Someone may be in the same situation somewhere. I will introduce very basic words here.
Tokenization: It's not about bus token.
- replaces a real card an account number; a virtual one-time card?
- is bound to a single merchant(shop)
- need a ID&V of cardholder to create it
Token Components
- 15-19 digits + expiration date
- cryptogram that is unique to each transaction
PAN (Primary Account Number)
- 13-15 digits representing a card account number
- A single PAN may be associated with multiple tokens
Card Issuers
- are banks who issue credit cards
- give cardholders(card users) credit for spending
- send merchants payments for purchases
Major issuers
- Amex, Discover: issuer and payment network at the same time
- BoA, Capital One, Citi, Wells Fargo, Barclay, and so on
Major Card Networks
- Visa, Mastercard, Amex, Discover, and so forth
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