What is an account number in the context of electronic payments?

In the context of electronic payments, an account number is defined as an issuer-assigned number that uniquely identifies a cardholder's account. This number is crucial for processing electronic transactions, as it links the payment to the specific account maintained by a financial institution. When a consumer uses their card for transactions, the account number ensures that the funds are drawn from the correct source—making it essential for accurate payment processing and record-keeping.

This identification enables various functionalities, such as authorizations, settlements, and dispute resolutions, which are integral to the payment system. By providing a unique identifier for each account, the number helps prevent errors and fraud, ensuring that transactions are routed to the right account holder.

In contrast, the other options describe different aspects of the payments ecosystem: one refers to transaction numbers at ATMs, another pertains to merchant identifiers, and the last one mentions consumer payment history. While relevant to payments, they do not accurately define the account number as it pertains specifically to identifying a cardholder's account.