Membership
Comprehensive guidance on becoming a direct Acquirer or Issuer with major card schemes, covering every step of the Principal Membership application and implementation process from start to finish.
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Become a Principal Member and gain the status of a certified card issuer or acquirer, with the added benefit of being able to sponsor other entities. As a Principal Member, you will have direct access to major payment systems, allowing you to own your ICA and BIN, and settle directly with the payment schemes. This prestigious membership offers unparalleled control and flexibility in the card payments ecosystem.
Principal Memberships with MC, Visa, JCB and UnionPay
Principal Membership:
Become a Card Acquirer
Principal Acquiring Memberships enable businesses to act as acquiring banks, processing transactions for merchants accepting Mastercard, Visa, JCB, or China UnionPay payments. This provides greater control over merchant relationships and transaction handling, opening up opportunities for new revenue streams and enhanced service offerings.
Principal Membership:
Become a Card Issuer
Principal Card Scheme Memberships allow financial institutions, fintech companies, and payment service providers to work directly with leading payment networks like Mastercard, Visa, JCB, and China UnionPay. This status grants full independence to issue payment cards under your own brand and operate as a licensed participant in the payment ecosystem.
Q&A about Principal Membership with Mastercard, Visa, JCB, and UnionPay
01
What are the Principal Members Benefits?
As a principal member, financial institutions work directly with payment schemes, obtaining full control over product development and marketing initiatives. This membership provides flexibility, allowing institutions to independently manage all activities associated with their assigned BINs. It is particularly well-suited for large-scale banks and financial organizations.
02
What are the Principal Members Capabilities?
• May issue cards
• May disburse cash
• May acquire merchants
• Holds settlement risk
• Hosts own processing
• May sponsor others
• Handles reporting
• Pays ongoing fees
• Holds ownership of ICA and BIN
• Complies with the scheme’s rules
• Registers third party agents
03
How Long Does a Principal Membership Application Take?
The timeline for a Principal Membership application varies based on several factors, including the client’s readiness from legal and technical standpoints and the availability and capacity of their internal IT team. Generally, becoming an Acquirer takes approximately 3 to 6 months. For Issuer status, the process typically ranges from 4 to 8 months, depending on the project’s complexity and the level of coordination among all involved parties.
04
How to Apply for Principal Membership with MC, Visa, JCB and UnionPay?
To apply for Principal Membership, follow these steps:
1) Assess Eligibility: Ensure your business meets the card scheme’s requirements.
2) Prepare Documentation: Submit detailed financial, operational, and compliance documentation.
3) Infrastructure Readiness: Implement the necessary technical systems for issuing or acquiring services.
