Electronic Forms Of Payment Cards

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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 × 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 “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,
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