Electronic Forms Of Payment Cards

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.

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.

Many of our time rely on credit and debit cards when purchasing items. While the two seem identical to one another, failure to know the difference can result in an economic catastrophe on the card owner's part. Debit cards are used as a way to spend money that the consumer already has by withdrawing the purchase amount directly from their account. On the other hand, credit cards allow the card owner to borrow money from the bank, in which the card is issued, up to a certain amount in order to make a purchase which they will pay back to the bank at a later date.

Since the 1980’s, online banking has made the lives of everyday people more convenient. With the new innovations and creations to computers, online banking has grown to become the most used form of banking in the US (5). From the first ATM to mobile banking technology has helped shape One of the first computerized innovations to online banking, the credit card, revolutionized how cash was money was used in society.

Every day, everywhere, MasterCard Worldwide uses technology and expertise to make payments safe, simple and smart.

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

The Purpose of this report is to show the use of current technologies for payment support procedures in small and medium businesses. Article covers various solutions to process payments and ultimately determine the best of them. SME’s are designed to the deal with B2B and/or B2C customers depending on the business needs. As per latest discovered trends in the North America the ‘payment’ is preferred if digitalized, such a trend is a result of efforts Fintech and Paytech companies like bitpay, Kabbage, kantox , etc.x. For intents and purposes payments flow can be categorized as consumer and business. Cash and card for former, cheque and EFT for latter. The need for demonetization emerges so as to match with the with rest of the world in the

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

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

Online payment processing services perform transactions at a much greater speed than manual processing. As well as ensuring error-free computations and faster processing time. Which means

In line with Borio and van den Bergh on the evolution of payments systems (1993:8), Bhiri, Vhimisai and Bayai (2014:412) stated that payments systems have evolved over the years in tandem with the quantum leap in the volume and value of the payment system transactions. The researcher sought to analyse the reasons why there were payment transaction failures due to the systems being used by the financial institution where the researcher is employed.

Paying in stores or within apps has never been easier. Gone are the days of searching for your wallet. The wasted moments finding the right card. Now payments happen with a touch. Apple Pay will change how you make purchases with advance contactless payment technology and unique security features built right into the devices you have with you every day. So you can use your iPhone, Apple Watch, or iPad to pay in a simple, secure, and private way.

A smart card is a card generally made of plastic same like a credit or debit one .It consists of a integrated microprocessor and a memory. Two ways of it exchanging data with the outside world are via contact cards and via contactless cards that use radio frequency. To interchange information the card is to be put in a reader (contact cards) or kept in the connection area of a contactless reader. Smart cards do not require batteries or any power supply .Power is provided by the reader. It is necessary for a card to have a certain microprocessor or logic for it to be called a smart card. Security and mobility are the two main features of a smart card. The applications that are linked to a smart card system have the major requirement of

Payment solutions have changed drastically over time, going from bartering goods in ancient times, using gold and silver, paying with cash and coins, using credit cards, and now mobile devices. There are five main types of mobile payments: mobile at the point of sale, mobile as the point of sale, mobile payment platform, direct mobile billing, and closed loop mobile payments (1). However, this paper will focus on the three most familiar to college students and young adults.

1. 1.1 1.2 1.3 1.4 1.4.1 1.4.2 1.4.3 1.4.4 1.4.5 2. 2.1 2.2 3. 3.1 3.2 4. 5. 6. 7. Generalities………………………………………………………..…….. Definition………………………………………………………………..….. Importance…………………………………………………………………. Characteristics ………………………………………………………....... Components of a modern payment system………………………. Real Time Gross Settlement Systems -LBTR- ………….…… Banking Clearing Houses ………………………………..... Automated Clearing Houses -ACHs- ……….…….….. Cross-border