Key Term: Payment Network Sometimes referred to as a “Card Scheme” or just as a “Network.” Examples of Payment Networks include Visa, Mastercard, American Express, and Discover. These Payment Networks provide the rails for card-based transactions to occur. They sit in between Acquirers and Issuers and pass messages back and forth to make the transaction happen. The Payment Networks also set the communications rules and standards that the Acquirers and Issuers need to adhere to.
