Imagine you’re standing at a supermarket checkout, the cashier scans all your shopping and gives you the total. You tap your card on the terminal and the till whirs for a couple of seconds before printing you out a receipt.
This process seems incredibly simple, straightforward and quick.
Well, it’s not. Behind the scenes, there are a several payment processing players that all work together to coordinate payments and move money from one account to another. As a customer, you won’t see any of it but it’s still interesting to know what’s going on. In this infographic, we investigate the payment and settlement processes then look at some of the numbers behind move away from cash towards card payments.
Brought to you by: Cardswitcher.co.uk