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Advanced Card Technology - Glossary of Terms

Machine Language Binary code instructions to a computer.  
Macro When used alone and not as a prefix. A string of commands that enable the computer used to assign multiple keystrokes to a single key.  
Magnetic Shielding Enclosure of electronic components to prevent electromagnetic interference or emanation.  
Magnetic Stripe The magnetic tape on a card that contains the data necessary to complete a transaction.  
Magnetic Stripe Card A card with one or more magnetic stripes.  
Magnetic Stripe Reader A device which reads information recorded on the magnetic tracks of an identification card.  
Magnetic Stripe Writer A device that writes information to magnetic tracks on an identification card. Note that track 1 and track 2 are read-only on ISO standard cards.  
Magnetic Track A linear path on a magnetic stripe along which data is recorded. Positions of magnetic tracks are defined in ISO 7811.  
Major Currency Unit The larger unit of currency in a particular unit of currency in a particular country, i.e. the pound as opposed to the penny, the dollar as opposed to the cent, etc.  
Major Industry Identifier A number identifying the major industry of a card issuer.  
Masked ROM ROM in which data is installed at the time of manufacture and which cannot subsequently be erased and reprogrammed.  
Master Derivation Key A derivation key used by a bankcard company or another organization to derive unique issuer or application supplier keys. ISO
m-commerce Mobile commerce – The ability to buy and sell products and conduct payments electronically, where the buyer and the vendor are not in the same physical location.  
Medicaid A public assistance program offered by each state to its residents, regardless of age, who have insufficient financial resources to pay for healthcare expenses. This program is described in the Social Security Act under Title XIX.  
Megabyte About a million bytes. Precisely 1,048,576.  
Memory Card Integrated circuit card capable of storing information but not having calculating capability, i.e. no microprocessor.  
Merchant Accounting Accounting for funds owing between a card acceptor and a acquirer.  
Merchant Fraud Fraud perpetrated against other parties in a payment system by a card acceptor.  
Merchant Service Charge The fee paid by an Acceptor to an Acquirer for transactions made by a payment card.  
Message In a payment system, a communication between parties participating in the system.  
Message Authentication Code(MAC) A data field, the contents of which can be used to verify the integrity of a message, or selected message elements. ISO
Microcircuit Card See Integrated Circuit Card  
Microprocessor A microcomputer with all of its processing facilities on a single chip. Also called microprocessor-on-a-chip. A microprocessor is a computer processor on a chip including registers and possible cache memory. A microcomputer or microcontroller also has data and program memory on the same chip.  
Minor Currency Unit The smaller of the units of currency in a particular country, i.e. the penny as opposed to the pound, the cent as opposed to the dollar, etc.  
Modem Acronym for modulator-demodulator, a device that converts digital signals for analogue transmission over a voice telephone network.  
Mondex An electronic cash payment system, utilizing smart cards with stored value and security features.  
Monthly Account Card A charge card with a monthly billing cycle.  
Motorized Card Reader A magnetic stripe reader that passes a card past its magnetic heads under motor power compare read-on-insertion, read-on withdrawal, swipe reader. Most ATMs and ABMs have this kind of reader.  
Multi-Application Card A card that can support more than one application, where different parties may provide the applications.  
Multi-currency Dealing Processing of transactions denominated in different currencies within a single payment system.  
Multiplex Transmission of more than one message simultaneously on the same circuit or channel.  
Multos A multi-application operating system for smart cards.