Advantages And Disadvantages Of Credit Cards

The liberalization of the money related divisions in Asia has brought about the fast spread of charge card organizations and monetary organizations giving different sorts of purchaser credit. The charge card market in general world has extended radically that the guarantors of outside nations has presented cellular telephone Visas for the comfort of their customers.(Amin, 2008) This, combined with the passage of remote banks, has enormously expanded the quantity of credit cards accessible, and consequently such spending in Pakistan. Despite the fact that charge card was presented in Pakistan decades prior when Habib Bank, the biggest bank in Pakistan, dispatched its gold card, however individuals had scarcely think about this card in view of its extremely restricted issuance. Several years back, Master card was introduced by ABL (Allied Bank of Pakistan), but that also was not get good attention. In year 1994, VISA Card is introduced by Citibank, that give a better turning point to plastic money industry in Pakistan. The working of Citibank no doubt was amazing that open doors for new offerings for the people of our country as well as for financial industry

The future of payments is current shifting to another path with how technology is changing and is currently modifying how we process our payments and how we store data. It is going away from low-tech and paper based tools, expensive and bulky registers, and physical card swipes. And it is introducing and renovating online commerce and online payment. This is happening due to the decrease of money supply and checks in the current market because people are starting to pay more and more there bills online. As the economy improces and corporations and business gets larger they have started a large-scale implementation of processors in electronic payment technology in their business ands services. Also, credit and debit are growing amongst consumers and it has been the highest that it has even been in history.

Although major retailers have had credit card breaches, which devastated consumer trust in credit, Mobile payment systems stay efficient, but risk personal and financial data fraud similar to plastic credit card usage theft. Patrons fear merchants can track your shopping habits, location and financial records using a mobile GPS signal. Nevertheless, worries that someone can steal their information when sent wirelessly therefore consumer confidence remains low. Thorough safety measures will help give customers composure and regain assurance. (Busby, 2014) (Sapienza, 2013)

The technology has been developing very fast in this modern world leading us to have very sophisticated life .With new inventions and new technology ,people are performing their work or duties so easily sitting at home. In olden days we have to always carry minimum cash with us ,where ever we go and we are afraid in case of carrying a large amount of cash with us because of security. After Getting the credit card facility ,it has become so easy for us to make use of money without running to get money from ATM or from banks for every situation by saving a lot of time and also having we have the track of amount we are using .These are all on one face, on the other side

According to the Bureau of Justice, Identity Theft is Defined as “unauthorized use or attempted use of an existing account, unauthorized use or attempted use of personal information to open a new account, or misuse of personal information for a fraudulent purpose”. It is estimated that on average; 12.1 million US households experience identity theft annually, which it about 7% of the population. The average financial loss per incident is $5,130 and 64.1% of those reported identity thefts are solely credit card based. This equals to an annual 7.7 million people having their credit card number stolen costing them 41.3 billion dollars. Needless to say there is a major opportunity increased credit card security to

Ease. Purchases can be made using a chip-enabled terminal or by swiping the card rather than filling out a paper check.

Credit cards can improve the chances of getting house or car loans in the future, can buy things without the exact amount of money at the time, and that the consumers won’t have to carry cash around when they are in a mall or a shopping center.

Adding a facial recognition software on ATM will protect customers against identity theft and fraudulent transactions. The software is able to capture a customer’s face and

There are some people who still insist on paying the old fashioned way, with cash. If you purchase anything using a credit card, you are most likely aware that thousands of cardholders have had their data stolen by unethical hackers.

With this, the paper is going to look into the use of credit cards. The credit card usage has grown fast with many people opting to get one instead the use of cash system. This system which has seen the banks issuing more credit and debit cards and also influencing the growth of banks because ATM machines have to be installed to also help customers withdraw their cash (Mark, 2102). The paper will be analysing why people have chosen to use credit cards, the reasons why they should revert to using cash systems instead of credit cards.

No matter what precautions are taken, credit and debit card fraud will remain an enemy to hard working consumers everywhere. Credit card thieves can use a variety of methods to attack the consumer. ATMs can be used to steal information from a debit card transaction. Online predators can steal credit card information through a click of a button. Stores can also be targeted through the use of data mining in the magnetic card readers. Persistent consumer vigilance is needed if credit card theft is to be avoided.

According to Vacca (2007), fingerprint authentication is trusted for e-commerce since most of the Internet users are uncomfortable of disclosing their credit card information online (p. 123). Some businesses and companies are starting to integrate fingerprint scanning into their products and systems. Potter (2015) states that Royal Bank of Scotland would enable fingerprint authentication on its mobile banking apps. Mobile banking users would be able to access their accounts instantly by tapping their finger on the fingerprint sensor. According to Wielch (2014), Apple’s new payment method called Apple Pay allows consumers to transact securely without taking their credit card out. Furthermore, Wielch (2014) states that a consumer simply holds their phone near the payment terminals and places their finger on the Touch ID to authorize the transaction. Sustar (2014) affirms that Apple Pay is being integrated by leading retailers, banks and credit card companies into their

To begin with, cash is generally accepted at any business, so you’ll rarely run into the problems of being forced to use a credit card. Unlike credit cards that are more unreliable unless you're shopping in a online store. Nonetheless one of the utmost issues of using a credit card is that many stores do not provide the technology to pay a transaction with a card. In the event that this occurs one will have to obtain an ATM machine in order to take out cash. Not only is this time consuming but it can also result in the machine being broken which is a huge inconvenience. For example, a card can end up being declined in a case of an emergency where money is needed or all of your money and personal information can also be hacked and stolen in seconds. Now you will need to go through the vigorous process of reporting your card being stolen to the

The world’s major credit card companies are using finger scanning devices to protect credit card information and save the consumer from credit card fraud. Walt Disney World in Orlando has implemented a hand scanning system to prevent people from

Credit card are very convenient method of making purchses without carrying cash. This is a service that is provided by mosts banks as a form of consumer finance. According to the AAOIFI Shariah standard, a credit card is defined as a revolving credit facility within the credit limit and credit period is determined by the issuer of the card (bank). It is also a means of