What Is The Full Form Of TVR In Banking?
TVR full form in banking is Terminal Verification Results. Think about the last time you went shopping and whipped out your credit or debit card to pay. There’s a whole dance that happens to make sure your purchase is legit, and TVR is the lead dancer. TVR is basically the nod of approval (or shake of disapproval) from the payment terminal, that little machine where you swipe your card. It takes in all the security check results from your transaction and then gives its verdict.
What Else Should You Know About TVR?
TVR is all about keeping things above board and everyone safe from fraud. When you make a payment, your card has a quick chat with the bank’s system to make sure everything is kosher. During this chat, it does a bunch of checks, like making sure your PIN is correct, confirming your card is real, checking the transaction amount, verifying your card hasn’t expired, and deciding if the transaction is offline or online. The TVR’s response is given in a binary code, which is just a fancy way of saying it’s a bunch of 1s and 0s. Each digit represents the result of a different check. For instance, “00000000” means everything went smoothly and your transaction is secure. Any other combination means there might be some issues that need a bit more digging into.