CPCS the full form in banking is Common Payment Card System. Consider CPCS as a unique system that allows you to use credit or debit cards to buy things. These cards are offered by banks as well as other organizations which deal in money. If you’re shopping and use cards to purchase. The next step is like a magic show behind the scenes. This is how it works The first step is to give your payment to the storekeeper. Their machine, also known as the POS terminal, collects your card information and passes your details to a banking institution that’s known as”the acquiring” bank. The bank then sends information to major brands like Visa and Mastercard. Your bank receives the notification about your shopping and will issue a check if you have enough credit or cash to pay for it. If everything is fine then they’ll transmit a green signal to the store, telling them, “Yeah, let the purchase proceed.” That’s it your transaction is an success!
What More Should You Learn Concerning CPCS?
However, CPCS isn’t just about sending card information around. It’s a huge part of making sure your data is secure and protected, making sure that nobody gets into your account and steals your cash. What’s more, what’s the best aspect? The system is working all day, every day.
