Card Payments Explained: The Four-Party Model, Issuing & Acquiring
Master how card payments work, including the four-party model, authorization flows, interchange fees, issuing, acquiring, and card scheme economics. Designed for product managers, fintech professionals, and consultants.
6 Modules
Complete curriculum
6 Modules
Comprehensive coverage
Real Examples
Practical transaction flows
Certificate
Available upon request
Community Access
Join expert learners
What You'll Learn
Master the fundamental concepts covered in this course
Identify the main players in the card payment ecosystem
Understand essential terminology and card payment fundamentals
Explain card schemes, their roles, and their economic models
Clarify business relationships between issuers, acquirers, cardholders, and merchants
Distinguish between card types, products, and acceptance environments
Understand the full lifecycle of a card transaction—from authorization to settlement
Gain insights into network fees, interchange, and regulatory frameworks
Master the core concepts that power global card payments
Course Curriculum
6 comprehensive modules covering the fundamentals of card payments
Card Payments Foundations
- Overview of card payments
- Key players & terminology
- Understanding the payment landscape
Card Schemes & Market Structure
- Scheme characteristics (Visa, Mastercard, Amex, Diners, JCB, UnionPay)
- Open-loop vs. closed-loop models
- Scheme roles, functions & economics
Card Types, Products & Technology
- Credit, debit, prepaid cards
- Card products (corporate, co-branded, loyalty, premium, fleet, virtual, etc.)
- Card-present vs. card-not-present environments
- Magstripe, EMV chip, contactless, tokenization
Business Models & Value Chains
- Issuer and acquirer functions
- Card network operations
- Fees, expenses, and revenue flows
- Understanding merchant discount, interchange, and assessment fees
Card Transaction Lifecycle
- Authorization, clearing, and settlement
- The four-party model
- Transaction types (retail, e-commerce, cash)
- Step-by-step flow with real-world examples
Regulation & Compliance
- Scheme rules and operating standards
- Global regulatory frameworks
- Security and data protection requirements (PCI-DSS, EMV, IFR, PSD2, etc.)
Meet Your Instructor
Milko Filipov
Payments Expert | 12+ Years Experience
Milko Filipov is an experienced professional in payment systems, card payments, and digital banking, with strong expertise in emerging technologies, cryptocurrencies, and decentralized applications, agentic commerce and agentic payments. He has supported major global projects for organizations including NTT DATA, Siemens, BMW, Commerzbank, Atruvia, Capgemini, Bosch, BNP Paribas, Stripe, EPI, and Visa.
Milko holds an MBA in Finance and Strategic Management from the Katz Graduate School of Business at the University of Pittsburgh and is committed to helping financial and technology professionals deepen their understanding of the payments industry to drive better, more innovative banking solutions.
Requirements
- Basic understanding of payment concepts recommended
- Interest in card payment industry
- No prior card payments experience needed
Who This Course Is For
- Payment professionals and product managers
- Merchants and e-commerce specialists
- Developers integrating card payments
- Banking and fintech professionals
Ready to Master Card Payments?
Join 3,800+ professionals who have mastered the economics and mechanics of card payments
Certificate included
Continue your learning journey
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