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7.10. Bank cards are commonly used for payment in electronic commerce and in physi- cal transactions. Customers are normally required to key in the card number as well as the expiry date and/or security code before processing is performed on the Internet. In physical transactions, a signature is required for processing. In main- land China, people often use Union Pay. It is an association for China's banking card industry. On the Internet, when customers use their credit card for payment, they may use a mechanism called "Verified by Visa". Only the holder of the credit card can use it. Us- ers of "Verified by Visa" need to register this function with Visa. They are given a pass- word for their transaction with the merchant. Users are asked to present their password before the transaction is completed. REQUIRED a. What is the purpose of asking additional information like expiry date and/or security code when customers use bank cards for payment? b. Do you think it is safe to reveal such information on the Internet?

7.10. Bank cards are commonly used for payment in electronic commerce and in physi- cal transactions. Customers are normally required to key in the card number as well as the expiry date and/or security code before processing is performed on the Internet. In physical transactions, a signature is required for processing. In main- land China, people often use Union Pay. It is an association for China's banking card industry. On the Internet, when customers use their credit card for payment, they may use a mechanism called "Verified by Visa". Only the holder of the credit card can use it. Us- ers of "Verified by Visa" need to register this function with Visa. They are given a pass- word for their transaction with the merchant. Users are asked to present their password before the transaction is completed. REQUIRED a. What is the purpose of asking additional information like expiry date and/or security code when customers use bank cards for payment? b. Do you think it is safe to reveal such information on the Internet?

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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7.10. Bank cards are commonly used for payment in electronic commerce and in physi- cal transactions. Customers are normally required to key in the card number as well as the expiry date and/or security code before processing is performed on the Internet. In physical transactions, a signature is required for processing. In main- land China, people often use Union Pay. It is an association for China's banking card industry. On the Internet, when customers use their credit card for payment, they may use a mechanism called "Verified by Visa". Only the holder of the credit card can use it. Us- ers of "Verified by Visa" need to register this function with Visa. They are given a pass- word for their transaction with the merchant. Users are asked to present their password before the transaction is completed. REQUIRED a. What is the purpose of asking additional information like expiry date and/or security code when customers use bank cards for payment? b. Do you think it is safe to reveal such information on the Internet?
Transcribed Image Text:7.10. Bank cards are commonly used for payment in electronic commerce and in physi- cal transactions. Customers are normally required to key in the card number as well as the expiry date and/or security code before processing is performed on the Internet. In physical transactions, a signature is required for processing. In main- land China, people often use Union Pay. It is an association for China's banking card industry. On the Internet, when customers use their credit card for payment, they may use a mechanism called "Verified by Visa". Only the holder of the credit card can use it. Us- ers of "Verified by Visa" need to register this function with Visa. They are given a pass- word for their transaction with the merchant. Users are asked to present their password before the transaction is completed. REQUIRED a. What is the purpose of asking additional information like expiry date and/or security code when customers use bank cards for payment? b. Do you think it is safe to reveal such information on the Internet?
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