Electronic Cards Should Not Be Compact And Easy

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.

And that's just in the United States. The card has become more secure and can be managed in the palm of your hands. From freezing your account to making deposits it can be even more secure to making online, over the phone, and on your phone/apps by the touch of your phone. That's how the credit card evolved from being a cardboard to cheap flammable plastic and now a card you can wear out. In the end the credit card was invented by a man that couldn’t pay his bill in a restaurant and thought of one of the best thing that people nationwide could use and that forever changed the way we paid for

As technology advances over the years, we have experienced and noticed that the trend in how payment are received have shift tremendously. Twenty years ago, check was the preferred way of payment. In today’s world, more and more payments are done by credit cards. Credit card transactions are instance that provides a faster payment method.

Transaction have become more efficient. Electronic payment systems help increase the time of payment and also decrease the crime of theft. For example many people pay through apple pay, through applepay there is no paper money involved just credit cards. Although electronically payments have a negative factors for those who are able to hack into the system and receive credit card data , and be able to take your information and use it for their own needs without you knowing. You are still able to cancel the use of your credit cards and receive your money

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

In the past, if we wanted to purchase goods we would have to go into the store, pick up our items, pay for them and then leave. This is still possible in our society today but, we find ourselves pressured to get “savers cards.” While modern businesses, was never really able to track who we were or what we were buying in efforts to be able to better serve us and become more efficient. While it’s great for companies implementing these policies, what does this really mean for our privacy, and our wallet?

There are differences in the implications for those who use prepaid cards and those who use digital payment services. Prepaid cards are used to make financial transactions just like those carried out by credit cards, but their market is catered toward those with lower incomes – roughly 23 million Americans. Digital payment services, however, are more likely to be used by those in the middle-to-upper classes. Digital payment services must be tied to credit cards and bank accounts. This difference in market share results in different impacts for prepaid card and digital payment service users. The implications for digital payment service users relate to fees, market share for the companies, transaction times, and data security. The implications for prepaid card users relate to

MasterCard Worldwide has initiative to shift the social consciousness toward a cashless society. Cash means additional expense to create it, distribute it, secure it and destroy it while electronic payments are simpler, faster and safer while offering more value to consumers.

      More parents than ever are sending their teenagers to shopping malls and movie theaters with a piece of plastic instead of pocket change.  "Marketing to students is definitely working, as many of them end up signing for as many as five to six credit cards," say Don Blandin, president of the American Savings Education Counsel (ASEC).  A 1999 survey by ASEC found that 55% of all college students and 7% of high school students have a major credit card.  And nearly a third do not pay their bills in full each month. 

Credit cards have become an integral part of our lives. We rely them for enjoying small pleasures and while making big purchases.

Many financial institutions across the world have adapted to the change towards the cashless society by implementing electronic funds transfer via automated teller machines (ATM’s) and of late, the internet. By having a simple plastic card, society could completely eliminate the need for cash. The benefits range from the end user through to the government and the

Consumers are increasingly using credit cards to simplify their spending. In addition, carrying cash is more dangerous than carrying credit cards and

In the year 1949, a businessman by the name of Frank McNamara, conceived the world’s first idea for a credit card. The idea was intended for when McNamara went out for an important diner. While he was out, he realized he had left his wallet at home and was unable to pay for the dinner so he needed something that could allow him to come back and pay for the balance later. Overtime McNamara’s credit card idea has evolved into an electronic way of making payments, we now use credit cards to purchase groceries at the local market and make payments online since handing cash through the Internet is virtually impossible. This small dinner idea was created for the purpose of basically generating and IOU for a man who forgot his money at home has

Credit cards had a humble beginning dating back to the 1900 's. The cards were first used by banks and department stores, so that customers could charge their purchases at these locations. The drawback, however, was that the customers could only use the cards at the issuing location and they could not be used elsewhere. Credit cards were also implemented by oil companies for their employees. In his article published for the Philadelphia Federal Reserve, Stan Sienkiewicz states that “such cards were accepted only at the business that issued the card and in limited locations. While modern credit cards are mainly used for convenience, these predecessor cards were developed as a means of creating customer loyalty and improving customer service.”

The online payment marketplace is experiencing an explosion of innovative ideas, plans, and announcements, which one commentator has likened to a “goat rodeo”, a chaotic situation in which powerful players with different agendas compete with one another for public acceptance, and above all, huge potential revenues. Others liken the payment marketplace to a battle among the four platform titans Apple, Google, Facebook, and Amazon. Each of these titans have their own versions of a future payment system that challenges the other players. And let’s not forget PayPal, the reigning power in alternative online payment, or the credit card companies who process over 70% of online payments, or the