Electronic Forms Of Payment Cards - 1742 Words

PAYMENT CARDS INTRODUCTION Payments system all over the world has experienced a period of dramatic change. Consumers, businesses, and government are moving away from paper checks and towards electronic forms of payment. Technological advances and competitive forces are fundamentally altering the payments landscape, with important implications for efficiency, safety, and access. A payment card is a device (embossed plastics) that enables its owner (the cardholder) to make a payment by electronic funds transfer. This is the technology reduced the use of cash to purchase goods and services. Payment card allows the cardholder to pay for goods and services based on the holder s promise to pay for them. The most common types of payment cards are credit card and debit cards. Payment cards are usually 85.60 Ãâ€" 53.98 mm in size, which complies with the ISO/IEC 7810 ID-1 standard. They usually also have an embossed card number conforming to the ISO/IEC 7812 numbering standard. A payment card is mostly electronically linked to an account or accounts belonging to the cardholder. These accounts could be deposited accounts, loan or credit accounts, and the card is a means of authenticating the cardholder. The Wal-Mart–Visa/MasterCard â€Å"honor-all-cards† settlement and the proposed First Data– Concord EFS merger is just two examples of the dynamic forces at work in this industry. There are different types of payment cards. These are a credit card, debit card, charge card, ATM card,Show MoreRelatedElectronic Commerce And Its Impact On The Internet And Cloud Computing Technologies1627 Words   |  7 Pagescomputing technologies, electronic commerce is becoming more and more popular. Many people and businesses deal with their payment transactions via the Internet. In a conventional payment system, buyers and sellers transfer cash or payment information through credit cards and checks, however in early electronic payment systems, online payment services must add capabilities to process orders, accounts and receipts. As e-commerce has gradually grown, digital currency payment have become popularizedRead MoreEssay on Electronic Payment System1391 Words   |  6 PagesElectronic Payment System I. Introduction With the continuing rapid growth of E-commerce, transactions on the Internet have been increasing exponentially. And such transactions require some reliable and secure payment systems. In fact, one of the key factors in the success of E-commerce is the development of convenient, reliable and secure electronic payment system. To understand the issues and current activities regarding the developmentRead MoreLouis Wynn D2 Comparing different payment systems I’m going to write a report on different payment1100 Words   |  5 PagesWynn D2 Comparing different payment systems I’m going to write a report on different payment systems used. This will include the advantages, disadvantages, comparison and I will conclude which payment system I would recommend for cuckoo. Payment systems are used by customers and businesses to transfers funds from one account to another account. Advantages of a payment system The advantage of cuckoo having a payment system would be that you easilyRead MoreElectronic Cash and Smart Cards Essay1344 Words   |  6 PagesELECTRONIC CASH AND SMART CARDS Introduction When you go into a store to make a purchase a monetary transaction takes place between a merchant, the provider and the consumer, which is you. Typically you would either use cash, check or credit card. If you are making a purchase less than five dollars it doesn’t seem reasonable to pay with a credit card or write a check. Electronic cash is the solution to this problem regardless how big or small the transaction is electronic cash is a viable alternativeRead MoreElectronic Commerce1202 Words   |  5 PagesElectronic Wallets are Secure Introduction The idea for paying for goods and services electronically is not a new one. The search for more efficient ways of doing business is now driving another revolution in the conduct of business and in our concept of money. This revolution is known as electronic commerce, which is the symbiotic integration of communications, data management, and security capabilities to allow business applications within different organizations to automatically exchangeRead MoreImportance of E-commerce in Modern Business1176 Words   |  5 Pagesof E-commerce 3 E-commerce payment systems 3-4 Importance of E-commerce in modern business 3 Conclusion 7 Recommendation 7 References 8 E-Commerce refers to the buying and selling of products and services over electronic systems like the internet and other computer networks. This system depends on technologies like electronic funds transfer, supply chain management, internet marketing, online transactions, electronic data interchange and automatedRead MoreDexit Analysis1125 Words   |  5 Pagesto launch a wireless payment system as the standard payment method for small dollar amount retail transactions in the Canadian Market. †¢ Company has strong investment financing behind it in the form of two large Canadian banking firms. †¢ Fast 3 second transactions via RFID would create simple convenient transactions that could be tracked easily by consumers. Environment: †¢ â€Å"Big 6† Banks controlled the Canadian industry Current market via issuing Credit and Debit cards and the correspondingRead MoreEcommerce Essay1375 Words   |  6 Pagesabout electronic payments and the risk of on-line fraud and what it could mean for your business. To finish off this report I will be giving my recommendation, but by then I think you will have already made your mind up whether you want expand your business into the area of ecommerce or not. In the benefits of ecommerce section I will be explaining to you the potential benefits that the world of on-line shopping have to offer to you. Then I will explain to you the many benefits of electronic paymentsRead MoreHow Payment System All Over The World Has Experienced A Period Of Dramatic Change Essay882 Words   |  4 PagesINTRODUCTION Payments system all over the world has experienced a period of dramatic change. Consumers, businesses, and government are moving away from paper checks and towards electronic forms of payment. Technological advances and competitive forces are fundamentally altering the payments landscape, with important implications for efficiency, safety, and access. A payment card is a device (embossed plastics) that enables its owner (the cardholder) to make a payment by electronic funds transferRead MoreThe Value Delivery Network For Apple Pay Essay1328 Words   |  6 Pagesvalue delivery network is 1st that it is convenient. The same way credit cards and bank cards changed how we carry money and pay for things, Apple Pay wants to take the next step forward. Apple wants to make it so we have one less thing to carry and be more customer friendly. If Apple could have it their way, we wouldn’t be carrying wallets at all and all payments would be made through our mobile devices, rather than by card or dollars. Apple is trying to bring this convenience to their consumers