OneCard Transaction Path
Parties of a OneCard Transaction
The diagram here shows:
- The Back Office, which is the Central Switch, that manages the activities of the Cards. But prior to that it Identifies that the Card is Authentic, has Funds, and is Authorized to do the Transaction. The Central Back Office, costing millions of Renminbi in investment, is situated very securely in Guangzhou UnionPay where it is supported by a large and skilled team. This Back Office is also linked to another Back Office that processes 5.0 billion UnionPay Cards 24/7/365. All OneCards can be processed via hard-lines or through wifi…very quickly…worldwide!
- Technology Vendor is One Card Limited with a team of payment experts who would be selling the benefits of the Back Office to Scheme Owners.
- Scheme Owners, or sometimes called Master Affiliates, who are Issuers of the co-branded OneCards, could control the funds that are loaded by Cardholders (note that the ability to do this is regulated in some jurisdictions). It is also the Acquirer of the Transactions of the Cards, and settles regularly with the participating Affiliates/Merchants. With a minimal investment the Scheme Owner (or Licensee) is granted access to the Payment Gateway and Back office;
- Merchants, or sometimes called Affiliates, are the businesses that sign up with the Scheme Owners to accept the OneCards as payment for their goods and services;
- An International Trust (or Banks) that oversees the management and controls of the preloaded funds
- The Cardholders who are Consumers or Buyers who have selected to use the OneCards for their purchases. There are two types of Cards – Virtual (which may reside in their smartphones/mobile phones); or Physical Cards (which people keep in their wallets). The Funds that Cardholders transfer into their Accounts are securely kept and managed. The Activities of their Cards are kept in their own individual Accounts (sometimes called Digital Wallet or Mobile Wallet)
- Point-of-Sale infrastructure – The OneCard System also has its own Point-of-Sale (POS) sub-system. These are electronic end-devices that will read the information of each OneCard, recognizes the information as unique to the Card, then sends a very quick message to the Back Office to obtain Authentication and Authorization passes to proceed with the transaction. It also checks that the Account/Wallet belonging to the Card has sufficient funds to allow the transaction to be completed. If these pieces of information are satisfactory, then the transaction may go forward. If necessary, the Cardholder may be asked to finally approve the transaction with the input of a PIN (Personal Identification Number).
- Funds Transfer – The transfer of funds from Card to Card is possible (note that this depends on the jurisdiction of the Scheme Owner and also the location of the Cardholder).
- Foreign Exchange – there may be occasions where Scheme Owners may require funds to cross borders. One Card Limited has relationships with Forex Companies that could be used to facilitate a smooth and less expensive way to exchange