ELECTRONIC 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 alternative to traditional payment methods.
What is Electronic Cash?
In the past people had to go to the bank and stand in line to deposit or withdrawn money from their accounts. In today’s time, money is accessible with the help of a computer. The monetary value of your bank balance is available electronically through your banks computer. The electronic form of money defines what is referred to electronic cash. This boosts your purchasing power because your funds are available to you around the clock 24 hours a day, year round.
What is a Smart Card?
Smart card is a plastic card equivalent size to a credit card that holds embedded chip on which digital information of how much money your card or account holds. The chip stores this information and updates it along with every transaction that is made off this card. The process to use is you swipe the card to pay for a purchase and the swiping device deducts the purchase amount from the amount that is stored on the chip. Some debit cards are implemented the same way as smart cards.
Executive Summary
An electronic system, new form of payment that benefits society as a whole through Smart Cards. It creates less necessity to have physical cash and it holds the capacity and usage of the same cards ...
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...nts would be able to access your health records, driving records or any other information that would be present on the card. Disadvantage for merchants would be that they would have to invest smart card compliant terminal. This would add cost to train employees and most merchants have decided not to move forward with the adoption of smart card support unless there is a demand for it.
There has been many barriers to overcome with the use of smart cards, such as deposit insurance liability, data accuracy, transaction anonymity, risk of fraud. The software company, Sun Microsystems’ Java software removes or reduces many of the problems that were experienced by the implementation of smart cards. Java is now the standardized company used because it provides many advantages in its security, network awareness. Java has become the largest smart card application developer.
Victorian government came up with a new idea of smart card ticketing transport system. This was also to collaborate the train, bus and tram services in Victoria. With this spark of idea in 2002, a project case and a feasibility study was
Money, in the physical form, is rapidly dying and in its place credit and debit cards are
This system can use UPC code to track the card which ensure the location of gift card to prevent fraud happened. However, the eCommerce of company would paralyses if they over rely on
Money has evolved with the times and is a reflection of the progress of man. Early money was a physical commodity, grain, gold or silver. During the vital stage, more symbolic forms of money such as certificates of deposit, bank notes, checks, letters of credit, bonds and other forms of negotiable securities came into prominence. Social development transformed money into a trust, “In God We Trust' it says on the back of the ten-dollar bill.” (The Ascent of Money, 27)
4) In the occasion that banks require more cash, they basically print progressively or summon more digits in their electronic records. This system is viable abused and gamed by banks since paper money is fundamentally paper checks with a certification to have regard, with no genuine physical gold off camera to back those
Over the last ten years people in the United State and around the world have heavily relied more on their debit or credit cards to process transactions of their purchases. In the old days it used to be when you would get your paycheck on Friday and rush to the bank during your break or lunch in order to cash withdraw your funds or deposit them into your account. It used to be where you carry cash to buy groceries, pay bills, and go shopping. Now some people don’t even set foot inside their bank branch because they are paid using direct deposit or the funds are loaded into a debit card provided by their employer. Many employers from around the globe don’t even issue paper check anymore. Bills are often times paid online, babysitters are accepting electronic payment such as PayPal and even food trucks now take electronic payments. According to a Washington Post column by Michelle Singletary society and businesses embrace using cashless ways to pay for things than the old time traditional “cold hard cash”. In my opinion there should still be cash circulating out in the world. My first ...
To increase the use of digital wallet, it is required to educate consumers about the benefits of a digital wallet in simplifying and streamlining their purchasing experience.
E-commerce, a system by which people can buy, sell and deal without even seeing the person on the other side, has taken a front seat in improving the economy of countries around the world. Technology today has made it possible for monetary institutions to help locate the customers resources and help solve their problems at any given time through online banking.... ... middle of paper ... ...
“When you use cash instead of plastic, you spend twelve to eighteen percent less because spending cash hurts” (“Dangers of Debt”). The issue of cash versus credit has become a big issue in society today. One may see benefits in using cash, while another may see benefits in using credit. However, the statistics are in favor of using cash, not credit. Using cash is a better decision than using credit, because cash is harder to let go of than credit, credit makes one go into more debt, and credit has risks and fees.
The invention of money was a major improvement in peoples’ lives. In the past, people usually had to travel all day to find the person who is willing to exchange their goods. In addition, the goods people want to exchange did not have the standard value of measurement. This led to unequal exchanges. Furthermore, it is not convenient to carry heavy goods from one place to another for an exchange. To solve these issues, money will be the only solution. Later, people tend to develop money from cowry shells to credit cards for the convenience and to improve their society.
The use of credit and debit cards today are taking a tour in the sense that electronic cash is becoming more admissible as the world makes a switch towar...
As established by PCI DSS, our company needs to include different aspects to securely handle and store credit cards information. From the perspective of the Information Security Analyst we must to consider the following points:
A cashless society will further improve the globalisation that characterise our present time. The computerised systems can be used to decrease the quantity of paper trail therefore substituting paper cash with cashless credits or electronic money transfers. However, in a cashless economy, this will change with certain crimes almost eradicated. It will also be faster to generate electronic payments than cash as Near Field Communications (NFC) chips make their way into more payments cards and mobile handsets as well providing protection not applicable to purchases made using cash. This technology is simple with low power wireless link evolved from radio-frequency identification (RFID) tech that can transfer small amounts of data between two devices identifying us and our bank account to a computer. Another benefit of drawing nearer to a cashless society is that other companies are providing pioneering cash-free solutions to the payment related problems we come across. For example, WisePay, a provider of e-payments services, is deploying technologies that ensure parents no longer have to worry about sending their children to school with cash to pay for meals, excursions and other fees that will eliminate the likelihood of being caught short for cash or children misplacing money. The Government also has valuable explanations why they may deem to turn away from cash. Due the main factor of printing and distributing cash, not to mention ensuring the economy is free from forgeries which are all costly endeavours estimating that the cost to society of using cash is between 0.5 and 1.5% of GDP annually. In addition, there are many technological innovations that propose there is a real enthusiasm for an alternative to cash with the upsurge...
E-Commerce is a type of industry where the buying and selling of products or services is conducted over electronic systems such as the Internet and other computer networks. Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems. It also includes ‘M-commerce’ which makes use of various mobile devices or smart phones. It means "the delivery of e-commerce capabilities directly into the consumer’s hand, anywhere, via wireless technology.” The various services available on M-Commerce are Mobile Money Transfer, Mobile ATM, Mobile ticketing, Mobile vouchers, coupons and loyalty cards, News, Stock Quotes, shopping apps, Mobile brokerage etc. Launching of Google Wallet Mobile App is one of the recent developments.
The first online banking system was created in 1980 in New York, and was adopted by four main banks; Citibank, Chemical, Manufacturers Hanover and Chase Manhattan. The sector needed an innovation in banking systems because of growing consumer demand for service improvements as well as fear of losing market share. In the beginning, online banking was treated at private customers and small companies, to help customers have easier access to their bank accounts, however, now it achieves a global reach through the population. (Cronin 1997) In today’s world, electronic business (E-business) is very important especially for the banking system, plays a fundamental role in online banking (Nasri 2011). A true definition of online banking is difficult, because this system is connecting with different services which are constantly evolving. Access to online banking is possible through the internet, phone or even television. (Daniel, 1999; Mols, 1998). This ‘open system’ is available to the customers twenty four hours a day, seven days a week. This is a multi-level organized system, which helps people pay bills, check credit cards or even arrange mortgages without leave their houses. (Singer 2012)