Fintech

Refers to software and other modern
technologies used by businesses that
provide automated and improved
financial services.
The tools provided by FinTech are
changing the way many consumers
track, manage and facilitate their
finances.
FinTech = Financial +
Technology

FINTECH IN INDIA
◇ Approximately $1.47 billion was invested into businesses operating in the FinTech sector in India between
January to June 2020, according to the latest MEDICI Report covering Indian financial technology markets.
◇ Around $4 billion in capital was invested into India’s FinTech sector during 2019. Only $1.8 billion in
investments were made into the industry during 2018.
◇ Digital or online lending has attracted substantial investments and payments have, for the most part, shifted
their business strategy to provide more lending services, the report claims.
◇ An increasing number of non-bank financial companies or NBFCs have teamed up with online lending
platforms due to the decline in overall demand from several Indian FinTech sectors.
◇ There were 2,174 Indian FinTech firms by the end of June 2020, the report revealed. Digital payments in
India have surged, with UPI transactions reaching record highs recently following the Coronavirus
outbreak.
◇ In a recent report, by Research and Markets, as of March 2020, India, alongside China, accounted for the
highest FinTech adoption rate (87 percent), out of all the emerging markets in the world.

DIGITAL FINANCIAL SERVICES
◇ Digital Financial Services (DFS)
include a broad range of financial
services accessed and delivered
through digital channels, including
payments, credit, savings, remittances
and insurance.
◇ Digital channels refers to the internet,
mobile phones, ATMs, POS terminals
etc.
◇ DFS concept includes mobile financial
services (MFS) which is the use of a
mobile phone to access financial
services and execute financial
transactions.
FINANCIAL INCLUSION

REGULATORS AND
PAYMENT PROCESSORS
RBI UIDAI
NPCI
Payment
Schemes
Regulators
Payment
Processors
Umbrella organization for
payment and settlement
system in India
Switch payment
between two different
banks
Apex bank of India
regulating digital payments Regulating aadhar linked payments

INDIA STACK
JAM- JanDhan, Aadhaar, Mobile
India Stack is a set of APIs / programmable
interfaces which lets developers (both
government / private) interact with systems
(Aadhaar, Banking) and build applications.
The Unified Payments Interface applications
are great examples of this.
Building blocks of Digital India

BLOCKCHAIN
• Blocks (carrying encrypted information) of transactions connected through a chain.
• Permanent and transparent record of the information.
Use case- Bitcoins

BIG DATA
◇ Big data is a term that describes the large volume of data – both structured and unstructured – that inundates a
business on a day-to-day basis. What organizations do with the data that matters. Big data can be analyzed for
insights that lead to better decisions and strategic business moves.
◇ The term “big data” refers to data that is so large, fast or complex that it’s difficult or impossible to process using
traditional methods. The act of accessing and storing large amounts of information for analytics has been around a
long time.
Integrate Manage Analyze
How big is big data?

Artificial Intelligence
(Captures)
Machine
Learning
(Context)
Deep Learning
(Intelligence)
Artificial Intelligence is a technique which
allows the machines to act like humans
by replicating their behaviour and nature.
Use Case- Alexa
Machine Learning is a subset of
artificial intelligence. It allows the
machines to learn and make
predictions based on its
experience(data).
Use Case- customer segmentation
A subset of ML which uses deep
artificial neural networks as
models and automatically builds
a hierarchy of data
representations.
Use Case- Recommendations
provided by Netflix and Amazon

WHAT IS IOT?
◇ Internet of Things is a system of interconnected
devices that collect data from the surrounding
environment to enable increased reactivity and
responsiveness.
◇ These data help us make better and more informed
decisions.
◇ In simpler terms, things connected with the use of
internet is IoT.
◇ AI is brain and IoT is the execution of things.

API AND WHITE LABEL
◇ API is application programming interface. As the name suggests, they
help in making applications without reinventing the entire wheel. When
you use an API, you are actually using someone else's code, which the
other person/organisation has shared.
◇ APIs are sometimes protected, for restricted use (usually the paid ones)
and many-a-times are free (usually all of them). Developers use APIs to
make tasks easy.
◇ In a layman language, it is like a pipeline.
◇ Use Case- Amazon and Make my Trip
◇ White Label - is the kind of partnership in which one company
produces goods or services, and another sells them under its own
brand.
◇ Use Case- Walmart

PERSON TO PERSON (P2P)
LENDING
Peer-to-peer lending, also
abbreviated as P2P
lending, is the practice of
lending money to
individuals or businesses
through online services
that match lenders with
borrowers.

FUTURE OF FINTECH
The FinTech market in India was valued at Rs 1,920.16 billion in 2019 and is expected to reach
Rs 6,207.41 billion by 2025, expanding at a compound annual growth rate (CAGR) of
approximately 22.7 percent during the 2020-2025 period.
Invisible
Payments
Communication
and Consumer
Education
One Platform,
Multiple
Services
Blockchain and
Big Data
Localization
and Regulations

NPCI
NATIONAL PAYMENT CORPORATION
OF INDIA.

INTRODUCTION
◇ The umbrella organization for all retail payment systems in India, which aims to allow all Indian
citizens to have unrestricted access to e-payment services founded in 2008.
◇ NPCI is a not-for-profit organization registered under section 8 of the companies act 2013.
◇ Before NPCI, there were many systems providing different services at different levels. NPCI was
proposed so as to consolidate and integrate all these systems and provide a uniform and
standard business process for all retail payment systems in the country.
◇ The National Payments Corporation of India (NPCI) has launched its international subsidiary
NPCI International to take its hugely popular instant payment service Unified Payments
Interface (UPI) and card network RuPay to international markets

RuPay
BHIM
BHARAT
BILLPAY
IMPS
NACH
CTSNETC
AEPS
BHARAT QR
*99#
NFS
BHIM AADHAR
NACH

￭ RuPay is the first-of-its-kind domestic Debit and Credit Card payment
network of India, with wide acceptance at ATMs, POS devices and e-
commerce websites across India.
￭ Highly secure network that protects against anti-phishing.
￭ Presently, RuPay has collaborated with almost 600 international,
regional and local banks across the country.
￭ A great alternative to both MasterCard and Visa.
￭ The low transaction costs and easy availability even in rural areas
makes RuPay an attractive option.
￭ Contactless RuPay credit cards. -SBI and IRCTC

RuPay
RuPay
Debit
Card
RuPay
Credit
Card
RuPay
Global
card
RuPay
Prepaid
Card
• RuPay Platinum
• RuPay Classic
• RuPay PMJDY Card
• RuPay Mudra Card
• RuPay Kisan Card
• RuPay Select
• RuPay Platinum
• RuPay Classic
• Rupay Gift Card
• Rupay Payroll Card
• Student Prepaid
card
• RuPay Virtual Card

You can make instant bank-to-bank payments and
Pay and collect money using just Mobile number or
Virtual Payment Address (UPI ID).
SIMP
LE
EASY
QUIC
K
Unified Payments
Interface (UPI).
Send
Money
Request
Money
Scan
&
Pay
Transact
ion
History
Switch
Between
Bank
Accounts
Split Bill
20
Languages

Truncation is the process of stopping the flow of the physical cheque issued by a drawer at some point with the presenting bank en-
route to the drawee bank branch.
In its place an electronic image of the cheque is transmitted to the drawee branch by the clearing house, along with relevant information
like data on the MICR band, date of presentation, presenting bank, etc.

◇ An interoperable nationwide toll payment solution including clearing house services for settlement
and dispute management.
◇ It encompasses a common set of processes, business rules and technical specifications which
enable a customer to use their FASTag as payment mode on any of the toll plazas irrespective of
who has acquired the toll plaza.
◇ FASTag is a device that employs Radio Frequency Identification (RFID) technology for making toll
payments directly while the vehicle is in motion. FASTag (RFID Tag) is affixed on the windscreen
of the vehicle and enables a customer to make the toll payments directly from the account which is
linked to FASTag.
◇ FASTag is presently operating at 400 plus toll plazas across national and state highways with
1.15 crores fastag issued.
◇ Recare through Paytm and BHIM UPI also.

Features and Functions
1 Interoperability.
2 Flexibility to choose the underlying payment instruments.
3 Tag Issuance.
4 Cashless Payment.
5 Save Time and Fuel.
6 Recharge FASTag account online.

IMPS provides robust & real time fund
transfer which could be accessed on
multiple channels like Mobile, Internet,
ATM, SMS, Branch and USSD(*99#).
IMPS is an emphatic service which allow
transferring of funds instantly within banks
across India which is not only safe but also
economical.
Currently on IMPS, 243 members are live
which includes banks & PPIs.
Uses MMID to make transfer.

◇ The Goal of AEPS is to actually
encourage customers to make
payments from Aadhaar.
At present, 118 bank customers in the government and private sector can avail this facility.
Based on this, the identity of
the customer will be verified
and they will be able to transfer
money from their account to
the shopkeeper's account.
Fill the details Scan Fingerprint Withdraw cash

Bharat Bill Payment System (BBPS)
PAN India touch points for safe & reliable bill payment services across the country.
One point solution for essential utility bills such as electricity bill, phone bill, DTH, piped-gas bill etc.
Bill payment services through the network of agents with the availability of multiple payment modes and
instant confirmation.
Facilitates cashless society through migration of bill payments from cash to electronic channels and digital
modes.
Current biller categories in BBPS: BBPS covers repetitive payments for everyday utility services such as electricity, water,
gas, telecom (mobile postpaid, landline postpaid, broadband) and Direct-to-Home (DTH).

UPI or Unified Payments Interface is an immediate real-time payment system that helps in
instantly transferring the funds between the two bank accounts through a mobile
platform.Hence, UPI is a concept that allows multiple bank accounts to get into a single
mobile application. This idea was developed by the National Payments Corporation of
India and is controlled by the RBI and IBA (Indian Bank Association).
Features of UPI
Instant
transfer
Unified 1 click 2 factor
authentication
Push and
Pull

Bharat QR is the world’s first interoperable payment acceptance solution which
makes use of QR codes for payments to merchants.
BharatQR is a common QR code jointly developed by all the four major card
payment companies— MasterCard, Visa, RuPay and American Express, under
instructions from the Reserve Bank of India (RBI).

Advantages of using BharatQR
Cost Effective Interoperable Secure

*99# is a common technology platform developed by NPCI which allows the Banks and
TSPs to seamlessly integrate with each other to provide banking services to the customers
at large over the mobile phones (basic as well as smartphone).
Currently, following Financial, Non-financial and Value Added Services (VAS) are offered through *99# service.

NACH, or the National Automated Clearing House, was a system introduced by the
National Payments Corporation of India, for interbank, high volume, electronic
transfers, which were periodic in nature.
If an institution uses NACH for regular payments to
many users, it is called as NACH credit. The NACH
credit is used in the following cases:
● Salary distribution among Employees
● Dividend to Shareholders
● LPG Subsidy to customers
The Nach Payment by the customers to the institution
is termed as NACH Debit. The NACH debit is used in
the following cases:
● SIP of Mutual funds
● Bill payments for the electricity and water
● Credit card bill payment
● Home loan EMI Payment
Nach
Credit
Nach
Debit

APBS (Aadhaar Payment Bridge System)
Step 1
Government
Department prepares
an electronic file
containing Aadhar no.
and amount.
Step 2
Government
Department sends the
file to the bank where
scheme account is
maintained
Step 3
Bank sends to Aadhaar
Payment Bridge
(APB)(owned and
operated by NPCI)
Step 5
Department can send
SMS informing the
beneficiary about the
money being sent.
Banks can also send
when the money
arrives in the accounts
Step 4
APB routes money to
the concerned banks.
Banks credit the
money in beneficiaries’
account

National Financial Switch (NFS) is the largest network of shared automated teller
machines (ATMs) in India. It was designed, developed and deployed with the aim of inter-
connecting the ATMs in the country and facilitating convenience banking. It is run by the
National Payments Corporation of India (NPCI).
Dispute Management System
Tied up with international card
schemes
Fraud Risk Management
Features of NFS VAS of NFS
● Interoperable Cash Deposits (ICD)
● Mobile Banking Registration (MBR)
● Card-to-Card Fund Transfer (C2C)
● Cheque Book Request (CBR)
● Statement Request (SR)
● Aadhaar Number Sending (ANS)

Aadhhar based system for merchants for account to account transfers using a finger print
scanner.
FEATURES OF BHIM AADHAAR
– Direct credit transactions from
customers’ bank a/c to merchants’
bank a/c
– Instantaneous transfer –
Authentication by customers’
fingerprint – highly secure

PAYMENT IN FINTECHPAYMENT IN FINTECH

RTGS (REAL TIME GROSS SETTLEMENT)
The term real time gross
settlement means the transfer
of funds from one bank to other
bank, where the transfer occurs
on instant basis.
Features
• The value of transaction is
quite high i.e. minimum Rs. 2
lakhs.
• Gross and Immediate
Settlement
• Costly Transaction fees.

NEFT (NATIONAL ELECTRONIC FUNDS TRANSFER)
◇NEFT is a payment system owned by RBI where money is
transferred from one bank account to other bank anywhere in
the country.
◇Available 24x7 with effect from December 2019.
◇There are no charges on NEFT when initiated through online
modes i.e. Internet and Mobile Banking.
◇No minimum and maximum limit.
◇Net Settlement and minimal transaction fees.
◇48 Half-Hourly batches per day.

WHAT IS MONEY?
Money is anything that is regularly used for making transactions relating to
transfer of goods and services, making legal obligations from one entity to
another entity. It is used as a Medium of exchange, Store of Value, Standard
of Deferred Payments, Unit of Value and transfer of value.

PAYMENT AND SETTLEMENT SYSTEM
Payment is a transfer of money or goods and services from one
party to another in exchange of some product or service.
Payments can be made through paper based instruments,
electronic instruments, ATM based, Point of sale terminals etc.
◇In India, the payment and settlement systems are regulated
by the Payment and Settlement Systems Act, 2007.
◇RBI has taken many initiatives towards introducing and
upgrading safe, sound and efficient modes of payment
systems.
◇The payment systems like pre-paid payment instruments,
card schemes and Automated Teller Machine (ATMs)
networks can start operating in India after obtaining
authorization from RBI.

KEY ELEMENTS IN THE PAYMENT
AND SETTLEMENT SYSTEM
Messagin
g
Clearing Netting
Settleme
nt

◇EMV was developed in the 1990s in Europe because card
authorization was prohibitively expensive for European card
issuers.
◇EMV stands for EuroPay, MasterCard and VISA, the three
companies which created the standard for credit cards.
◇But now, this standard is managed by EMVCo which involves
Visa, Mastercard, JCB, American Express, China UnionPay, and
Discover.
◇EMVCo applies to cards that are swiped and also cards used in
card-not-present transactions.
◇EMVCos helps in reducing the frauds in contact transactions but
is limited in contactless transactions because it requires card
holder’s verification in form of PIN.
EMVCOS

PCI-DSS
◇PCI DSS is a security standard formed which aims to secure credit and
debit card transactions against data theft and fraud.
◇PCI certification ensures the security of card data at business in form of
practices such as use of antivirus, encryption of data transmissions and
installation of firewalls.
◇In addition, businesses must restrict access to cardholder data and
monitor access to network resources.

PCI DSS requirements has outlined 12 requirements for handling
cardholder data and maintaining a secure network and is
distributed among 6 major goals.

ONLINE PAYMENT FLOW
Parties involved:
1. Customer
2. Merchant’s
Business
3. Payment Gateway
4. Merchant Bank’s
processor
5. Credit Card
Exchange
6. Credit Card Issuer
7. Merchant’s Bank

FACTORS OF AUTHENTICATION
Something you Know (ATM pin,
password)
Something You have (OTP)
Someone who you are (Iris, Biometrics)
Somewhere you are (IP addresses)
Something you do (Gestures and
Pictures)

CARD NUMBER
Card number’s 16 digits are formed with four different categories i.e.
• Major Industry Identifier
(MII)
First Digit
• Bank Identification Number
(BIN)
First 6 Digits
including first
• Unique NumberNext 9 Digits
• Check DigitLast Digit

TYPES OF CARDS
There are two types of cards:
• Magnetic Stripe Cards
• Chip Cards
Magnetic Stripe Cards
A magnetic stripe card is a type of card capable of
storing data and modifying data on the magnetic stripe.
The magnetic stripe contains three horizontal tracks,
track 1 and 2 contains the card number, name,
expiration date, service code, and card verification code.
Track 3 is rarely present and includes information
relating to country code or currency code.
(Usage of Magnetic Stripe Card)

Card Present Transaction
• A cardholder is present along with his card to
transact.
• Data is taken through the magnetic stripe and
the transaction receipt is then taken out
Card Not Present Transaction
• This is basically used at the time of some
online payment.
TRANSACTION BASED ON
CARD PRESENCE

TRANSACTION
CASH
CHEQUE
ONLINE
CREDIT/DEBIT
CARD
It is an agreement between a buyer
and a seller to exchange goods,
services or financial instruments.

KEY PLAYERS
INVOLVED IN
ONLINE
TRANSACTION
CONSUM
ER
MERCHA
NT
MERCHA
NT
PROCESS
OR
ISSUING
BANK
ACQUIRIN
G BANK
CARD
NETWORK

The cardholder
buys a product
or service from
the merchant
then he presents
his credit card for
PAYMENT
On the point of sale
(POS), the
merchant swipes
the credit card and
it sends the credit
card details to the
acquiring bank
The acquiring or
the merchant’s
bank forwards the
details of the
credit card to the
credit card
network.
The credit card
network i.e. Visa,
MasterCard, etc.
clears the payment
to ask for
authorization of the
payment from the
issuing bank.
THE TRANSACTION PROCESS
STAGE 1 – AUTHORIZATION
In this stage, the merchant obtains approval for payment from the respective
issuing bank.

The sale is
complete when
the merchant
provides a
receipt to the
customer.
Then the merchant
receives the authorization
and the issuing bank will
place a hold on the
purchase amount on the
account of the
The issuing bank checks
the number of the credit
card, amount of available
money, the billing address
and finally the credit card
security code.
Subject to availability of
funds, the issuing bank
sends the approval code to
merchant through a) Credit
Card Network b) Merchant
Bank
a) Request from
issuer bank passes
through the Credit
Card Network
b) Request from issuer bank
passes through the Merchant Bank
STAGE 2 – AUTHENTICATION
In this stage, the issuing bank using various fraud protection tools such
as AVS and card security codes (CVV. CVV2, CVC2, and CID), verifies
the consumer’s credit card.

The merchant sends the
approved transactions to
the acquiring bank at the
end of each business day.
The acquiring processor
or bank sends the batched
information for the
settlement to the credit
The credit card network
forward to the appropriate
bank, each approved
transaction.
Within 24-48 hours the
issuing bank transfers the
funds after deducting some
interchange fee which the
bank shares with the credit
card network.
The credit card network
pays the processor and
the bank their respective
shares from the remaining
funds.
For the cardholder’s
purchase, the bank
credits the merchant’s
account less a
“merchant’s discount
rate.”
The transaction details get
posted by the issuing bank
to the account of the
cardholder. The cardholder
receives the billing
statement and the bill is
paid.
STAGE 3 – CLEARING AND SETTLEMENT
The clearing and settlement stage occurs simultaneously. In this stage, the
transaction is published on both merchant’s statement and the cardholder’s billing
statement.

FEES ASSOCIATED IN THE CARD
TRANSACTION
MERCHANT DISCOUNT RATE
The merchant discount rate is the rate charged to a merchant for payment processing services on
debit and credit card transactions. The merchant must set up this service and agree to the rate before
accepting debit and credit cards as payment. (1%-3%)
COMPONENTS OF MDR FEE:
1. Interchange fee: The acquiring processor and the bank pay this fee to the respective issuing
bank. For example, Visa and MasterCard change their interchange rates twice in a year. They
assess it in two parts. i) A small percentage of the issuing bank. ii) Credit card network fixed
transaction fee.
2. Assessments: The entire credit card network (other than American Express) charge the
transaction fees which are made through their credit cards. The merchant’s processor also
charge assessments per transaction. For example, MasterCard may charge 0.10%
assessment plus $0.0180 processing fee for each card swipe.
3. Mark-ups: Most acquiring banks includes a mark-up over interchange and assessment to
facilitate credit card transaction. It consists of usually 20% to 25% of the total card-processing
costs.
4. Chargeback: Within 60 days of the credit card statement, a customer can rightfully dispute a

TRANSACTION DECLINES
BUSINESS
DECLINE
TECHNICAL
DECLINEThe business declines in a transaction
process occurs due to insufficient funds in
the customer account, invalid account
information, the authentication of user
information not done, missing information in
a transaction.
The Technical declines in a transaction
process occurs due to network issue while
doing the transaction, software or hardware
failure, server request failure.

POINT OF SALE (POS)
The point of sale or point of purchase is the time and place where a retail transaction is
completed. At the point of sale, the merchant calculates the amount owed by the customer,
indicates that amount, may prepare an invoice for the customer, and indicates the options
for the customer to make payment.
PHYSICAL
POS
M-
POS
V-
POS
V-POS

PRE-PAID INSTRUMENTS (WALLETS)
Prepaid payment instruments are methods that facilitate purchase of goods and services against
the value stored on such instruments. The value stored on such instruments represents the value
paid for by the holder, by cash, by debit to a bank account, or by credit card.
The prepaid instruments can be issued as smart cards, magnetic stripe cards, internet accounts,
online wallets, mobile accounts, mobile wallets, paper vouchers and any such instruments used to
access the prepaid amount.
TYPES:
1. CLOSED WALLET : A closed wallet is a mobile wallet or an e-Wallet which is designed for
making full or part payment for the services directly provided by the wallet issuer. A Closed
wallet cannot be used for making payments to any third party service providers or for money
transfer.

2. SEMI-CLOSED WALLET: Semi-closed wallet are payment
tools that allow you to purchase goods and services at the
listed locations, merchants or establishment. You cannot
withdraw, add or redeem cash but you can transfer the
virtual cash into another user's account.
3. OPEN WALLET: These types of mobile wallets are
generally issued by banks. One can purchase goods and
services, transfer money and also withdraw money through
these mobile wallets.

MERCHANT CATEGORY CODE (MCC)
A Merchant Category Code (MCC) is a four-digit number listed in ISO 18245 for
retail financial services. An MCC is used to classify a business by the types of goods
or services it provides.
MCCs are assigned either by merchant type (e.g., one for hotels, one for office
supply stores, etc.) or by merchant name and is assigned to a merchant by a credit
card company when the business first starts accepting that card as a form of
payment.
USES:
• To determine the interchange fee paid by the merchant, with riskier lines of
business paying higher fees.
• Used by credit card companies to offer cash back rewards or reward points, for
spending in specific categories.
• Used by card networks to define rules and restrictions for card transactions.
• For tax purposes

RISK IN PAYMENT SETTLEMENT SYSTEM
1. CREDIT RISK: Credit risk is the risk that participants in the transaction will not be
paid for an outstanding claim. These participants include the counterparties
themselves, the issuer of the settlement medium, and, if any, intermediaries
involved in the delivery of goods, services, etc. Credit risk typically arises when
one of the participants becomes insolvent.
1. LIQUIDITY RISK: The risk that the counterparty that owes funds will not be able
to meet its payment obligation on time, thus adversely affecting the expected
liquidity position of the recipient of funds at the time the funds are due.

3. SETTLEMENT/HERSTATT RISK: Settlement risk is the possibility that one
or more parties will fail to deliver on the terms of a contract at the agreed-
upon time. Settlement risk is a type of counterparty risk associated with
default risk, as well as with timing differences between parties.
3. OPERATIONAL RISK: Operational risk is the prospect of loss resulting
from inadequate or failed procedures, systems or policies. Example,
Employee errors, Systems failures, Fraud or other criminal activity.
3. SYSTEMIC RISK: systemic risk is the risk of collapse of an entire financial
system or entire market, as opposed to the risk associated with any one
individual entity, group or component of a system. For instance, Bank
Fraud, Financial slowdown.

RISK MITIGATION TECHNIQUE
1. EMPLOYEE TRAINING: The more regularly you train your employees, the more
likely are they to spot suspicious behaviour and can make changes accordingly.
1. USE CONTACTLESS AND EMV-ENABLED TERMINALS: Businesses should
use EMV (short for Europay, Mastercard and Visa), which involves chips
embedded into payment cards—a significant step in making transactions safer.
The introduction and adoption of EMV-enabled secure terminals, particularly
when using PIN and EMV security together, has helped merchants and
customers prevent fraudulent transactions.

3. BEWARE UNCOMMON TRANSACTIONS: Transactions that involve unusually
large purchases could be a sign of potential fraud. Businesses should examine
such transactions closely and confirm the identity of the customer. Similarly, if
several purchases are made with a card in a short timeframe, it could indicate
that the card was stolen and being used by someone other than the owner.
3. MAINTAIN ONLINE SECURITY: It is important for online businesses to use the
Address Verification Service (AVS), which verifies that the billing information
matches the one registered with the card issuer. Vendors should also ask for
Card Verification Value 2 (CVV2) to verify that the user has the card in hand
when placing the order. Another important check is to put a limit on an IP address
for the number of cards it can use for online transactions..

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