The Infographic explains the flow, but let's explain the terminologies 𝗣𝗢𝗦: Point of sale. 𝗡𝗙𝗖: Near Field communication 𝗔𝗰𝗾𝘂𝗶𝗿𝗶𝗻𝗴 𝗕𝗮𝗻𝗸: The merchant's Bank. 𝗜𝘀𝘀𝘂𝗲𝗿 𝗕𝗮𝗻𝗸: The consumer's Bank (The bank that issued the card). 𝗧𝗦𝗣: Token Service Provider. 𝗣𝗔𝗡: Primary Account Number (short for the card number).
𝗪𝗵𝗮𝘁 𝗶𝘀 𝗗𝗣𝗔𝗡? The market has many definitions for the term such as "Device Personal Account Number" or "Digital Primary Account Number" but anyway it has the shape of a normal card number while it actually represents the token value generated by the TSP/Issuer to your real card number.
𝗪𝗵𝗮𝘁 𝗶𝘀 𝗖𝗿𝘆𝗽𝘁𝗼𝗴𝗿𝗮𝗺? a cryptogram is a single-use code that is specific to the device and unique to the single transaction and is used to validate the healthiness of the DPAN.
𝗪𝗵𝘆 𝗔𝗽𝗽𝗹𝗲 𝗣𝗮𝘆 𝗶𝘀 𝗦𝗲𝗰𝘂𝗿𝗲? Transactions are always authenticated using biometrics (Touch-ID, Face-ID) Your card number and identity aren’t shared with merchants or acquirers. Your actual card numbers aren’t stored on your device or on Apple servers. (they claim ) Your information cannot be skimmed, Even if someone had access to your DPAN, they still need the correct cryptogram.
