Glossary
What do the technical terms mean
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Payment does not have to be complicated. However, there are technical terms that are often not common.
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Personal identification number
Personal Identification Number (PIN) - A secret number assigned to a single card that allows the cardholder to access his/her account or services and authorize payment transactions, such as cash withdrawals from ATMs.
Application in payment
The Personal Identification Number is of central importance for security in payment transactions. Hardly any transaction can be carried out without entering a PIN. This applies not only to ATMs but also to businesses and services that use cashless payment transactions. In online banking, entering a PIN is mandatory to prevent fraud or misuse.
How it works
Authentication by means of a PIN for Girocards and debit cards is an important function for protecting payment transactions. In general, the PIN should only be known to the user. If, for example, money is to be withdrawn from an ATM, the data stored on the magnetic stripe, such as PIN, account number, bank code and other data, is decrypted by a crypto-processor and compared with the data entered (PIN). If these data match, the transaction is approved.