Fallback Definition.
Switch to a degraded mode: reading the magnetic stripe when the EMV chip cannot be read, keying in the PAN manually, or authorizing offline below a floor limit when the network is down. Fallback transactions are riskier and are often excluded from payment guarantees. The schemes restrict them sharply, and the magnetic stripe itself is being phased out.
See also
Where this term appears
GuideOpen banking around the worldGuidePayment cardsGuideEMV and card securityGuideManaging tokenized cardsGuidePayment routing and optimizationGuideReason codesGuideOpen banking and pay-by-bankCourse3DS2, SCA, and payment success ratesCourseOpen banking and account-to-account (A2A) paymentsCourseOptimizing your payment success rate, level 2