Hi guys,
Okay this question isn't about the technology behind chip & pin. Let me use an example to illustrate what I would like to know.
A owes B £100. B programs this into the small POS device, A checks the amount, inserts their debit/ credit card and enters the PIN. What I want to know is.
1) Is the money transferred from A to B's account instantly or is there a delay?
2) Who handles the transaction? Does the manufacturer of the POS device request money from A's account or is it B's account provider that requests it. Does A's bank send the money directly to B's account or does it go via POS device/ handler.
3) What are the name of the companies that manufacture and prvided those POS devices you find in shops.
4) Is it possible, in practise or theoretically, for A to cancel the payment to B after they have entered their PIN and removed their card, if for example the goods/ services B provided are crap and they refuse to refund.
Thank-you all for reading and your help.
Okay this question isn't about the technology behind chip & pin. Let me use an example to illustrate what I would like to know.
A owes B £100. B programs this into the small POS device, A checks the amount, inserts their debit/ credit card and enters the PIN. What I want to know is.
1) Is the money transferred from A to B's account instantly or is there a delay?
2) Who handles the transaction? Does the manufacturer of the POS device request money from A's account or is it B's account provider that requests it. Does A's bank send the money directly to B's account or does it go via POS device/ handler.
3) What are the name of the companies that manufacture and prvided those POS devices you find in shops.
4) Is it possible, in practise or theoretically, for A to cancel the payment to B after they have entered their PIN and removed their card, if for example the goods/ services B provided are crap and they refuse to refund.
Thank-you all for reading and your help.