Some customers have been asking about the use of NFC technologies and how it might impact merchants. So we have created this little introductory material that explains how the NFC technology works and what is currently supported by CloudWalk.
Card Acquiring involves the movement of money within a financial network of interconnected payment services. How does it work today, and where is it going tomorrow? Let CloudWalk show you the way.
We all buy stuff. Buying stuff is ultimately how many survive in today’s commercialised existence on this planet Earth. We find a job, that we hopefully enjoy and that pays us good enough money to be able to buy the things we need, and if more fortunate than some, the things we don’t actually need but enjoy buying anyway. At the most fundamental level, commerce exists today because of the need to obtain things. It has just so happened that the development of humankind and need for survival today has evolved and continues to revolve around a basic essential need to buy and sell. This need in almost all cases is facilitated by the exchange of money; credits and debits, and super large scale electronic payments networks which are ultimately governed by the leading most influential and internationally recognised card payments brands in existence today, e.g. VISA and MasterCard, among others.
To the layman, how payments actually work today is complicated. Most don’t want to know, most don’t need to know but did you ever wonder what is actually happening behind the scenes every time you insert your debit or credit card into a point of sale (POS) terminal and perform a financial transaction? You would probably be surprised to learn that there are a great deal of different things going on in unison to realise and approve or decline your payment request.
Visualise a worldwide network of lightspeed tunnels (and in fact in many cases it is quite literally this as your financial data zooms around a fibre optic network infrastructure) that transport your private and protected card data around a system of interconnected partners in the vast expanse that is a payment network, rapidly stopping off at each connected member to validate some sensitive information or perform a security check, only to return to the point at which the sale was born, the POS terminal, faster than you could ever imagine.
Brazil is the largest card payments acquiring market in Latin America accounting for R$690 billion in card sales in 2012. Considering prevailing pricing for acquiring it is estimated, by revenue, that Brazil is the second largest acquiring market in the world . Almost 80% of all online purchases are made using credit cards. Of the two main payments brands Visa account for 43% and MasterCard 32% of key payments methods in Brazil today.
All CloudWalk customers have an out-of-the-box artificial intelligence algorithm learning their transaction pattern for a sole purpose: to notify when something deviates too much from what it expects.
How can you benefit from such an algorithm? One of the main practical uses of our algorithm is to catch bugs in your backend endpoint or other infrastructure problems that reflect in your POS messages. For a concrete scenario, suppose your intended application flow is to send a sell payload to your backend endpoint with the selling details and to receive back an approval payload. If for some reason your database is unavailable and the POS receives an error message, our algorithm will probably flag this transaction as anomalous and you will be notified of it.
Being a software developer can be complicated, not only for the hard problems to solve, but for the work environment. With so few of us being exempt of investing half a day on a desktop, drifting the finger tips from keyboard to keyboard and entangled in all the wires, at CloudWalk we've invested our effort to do better for you.
We have developed a web IDE where you can code, share and emulate your payment applications or any other project involving a POS terminal, so you can go anywhere contributing as if you were there at the office.
Thiago popped the question to his future wife by developing an application on top of an iWL280 and presented it to her unsuspecting love. She started navigating the application expecting that she would see Thiago’s latest work on yet another payments application that would ask Gabriela for her credit card, but instead she faced a different question:
Gabriela, will you marry me? If yes, please press Enter if no press Cancel.
Not many people know this, but point-of-sale (POS) terminals are miniatures of real computers with memory, CPU, screen, keyboard, printer, etc., and in general these devices are completely underused. With CloudWalk their full power is unleashed, and they can be configured and programmed to do pretty much anything.