Processing 24,000 Visa Transactions per Second: How It’s Done 2023

Processing 24,000 Visa Transactions per Second: How It’s Done Processing 24,000 Visa Transactions Per Second: How It’s Done 2023  VisaNet, the card network payment processing system,

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processes an average of 150 million transactions per day, and the company claims it can process more than 24,000 Visa transactions per second.

Processing 24,000 Visa Transactions per Second: How It’s Done Visa, the most recognized e-commerce payment brand in the US and Canada, invests heavily in its infrastructure and continues to expand its network, with more than 3 billion Visa debit and credit cards worldwide and counting.

How does the monster of the payment world do it? Well, that’s exactly what we’re going to look at today. But first, let’s go over some numbers.

Content

Visa by numbers
Processing of visas – who is concerned?
Transaction flow for magnetic stripe and Visa chip cards
Transaction life cycles
Online authorization process for credit and debit transactions
Clearing and settlement of transactions
Visa transaction process for point-of-sale ATMs and SMS
General rules for processing visas
Accepting Visa cards
Transaction markups
Minimum transaction amount
Prohibited use
Taxes
Convenience fees
Service fee for state administration and education
Washing
Tips
No cash refunds
Deadlines for deposits
Printed account number and expiry date
Delivery of products and services
Deposits
Installments
Cardholder information
Merchant registration
Storing sensitive data and using the payment application
Visa by numbers
Visa is a global payments technology company that connects consumers, merchants, financial institutions, businesses, strategic partners and government entities in nearly every country in the world to enable fast, secure and reliable electronic payments Processing 24,000 Visa Transactions per Second: How It’s Done.

Visa Net, the company’s transaction processing network, facilitates the authorization, clearing, and settlement of payment transactions, and the numbers—payment volume, number of transactions, and number of cards in circulation—are huge Processing 24,000 Visa Transactions per Second: How It’s Done.

Visa by numbers
Source: Visa

Processing of visas – who is concerned?
In addition to the merchant and his customers, there are several other participants in the Visa transaction process. Let’s see who they are and what they do:

The Cardholder is an authorized user of a Visa debit or credit card or other Visa payment products.
A merchant is any business that is authorized to accept Visa cards to pay for products and services.
An acquirer is a bank that contracts with merchants to accept Visa cards for payment for products and services. The acquirer may also conclude a contract with an external processor for the provision of processing services.
The card issuer is the bank that maintains the Visa cardholder relationship. It issues Visa cards and contracts with cardholders for billing and payment transactions.
A payment facilitator (PF) is a company that can enter into a contract with the acquirer to provide payment services to the merchant Processing 24,000 Visa Transactions per Second: How It’s Done.
Visa is a publicly traded company that works with card issuers and acquirers. Visa provides card products, promotes its brand, and creates rules and regulations governing participation in its programs. Visa also operates the largest retail payment network in the world, enabling the flow of transactions between acquirers and card issuers.
VisaNet is part of the Visa electronic payment system and is a set of systems that include:
An authorization system through which card issuers can approve or decline Visa card transactions.
A clearing and settlement system that electronically processes transactions between acquirers and issuers to ensure that:
Transaction information flows from acquirers to issuers to be sent to cardholder accounts.
Transaction payments flow from issuers to acquirers to then be credited to merchant accounts.
Transaction flow for magnetic stripe and Visa chip cards
Transaction life cycles
The graphs below show the life cycle of Visa card transactions for both card and non-card payments. Details may vary from merchant to merchant, acquirer or card issuer, depending on the card and type of transaction, as well as the processing system used.

Online authorization process for credit and debit transactions
During the authorization process, a Visa card transaction is approved or declined by the issuer or Visa on behalf of the issuer.

Online authorization process for credit and debit transactions
Source: Visa

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The merchant or cardholder inserts the card into a chip reader, swipes it through a magnetic stripe card reader, or waves it in front of a Visa payWave reader.
The merchant enters the transaction amount and, if necessary, sends an authorization request to the acquirer. In some locations, the chip and Visa pay Wave enable offline chip authorization.
The acquirer submits an electronic authorization request to Visa Net or designates the network to which the transaction is to be routed.
Visa Net sends the request to the card issuer.
The card issuer provides an online response.
Visa Net sends the issuer’s authorization response to the acquirer.
The acquirer forwards the response to the merchant.
The merchant receives the authorization response and completes the transaction according to it.
A message is sent to the terminal and a signature is required if necessary.
Note: In some cases, the payment processor (PF) may transfer the authorization request and response between the merchant and the payee. The presence of PF during the transaction process depends on the acquirer and the contractual arrangement on payment services of the merchant with PF.

Clearing and settlement of transactions
During the clearing and settlement of a card transaction, information passes from acquirers to card issuers before finally being credited to cardholder accounts. Visa Net facilitates payment by the acquirer to the card issuer.

Clearing and settlement of transactions
Source: Visa

The merchant forwards the transaction to the acquirer.
The acquirer credits the merchant’s account and sends the electronic transaction to Visa for settlement.
Visa Net:

Makes settlement easier.
It pays the acquirer and debits the card issuer’s account before sending the transaction.
Card issuer:
Post the transaction to the cardholder’s account.
Sends a monthly statement to the cardholder.
The statement will be received by the cardholder.
Visa transaction process for point-of-sale ATMs and SMS
In some cases, POS and ATM transactions are authorized and cleared (posted) simultaneously and within a single message. You can see this as an “online” or “Single Message System (SMS)” debit transaction. Settlement takes place from the processing of one message at certain time intervals during the day. The charts below show the basic processing steps for a single POS (Visa / Interlink) and ATM (Visa / Plus) transaction.

Visa Transaction Process for SMS-Based Poin.

Transactions Per Second (TPS) indicates how many transactions the network can process per second, followed by how quickly the network can confirm a trade or exchange. The average transaction speed is considerable

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