NEW WAYS TO PAY
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The development of cards which can access different monetary services electronically has been the major boost to electronic commerce. Many computer users today are accessing commercial enterprises on the Internet, but millions more have indulged in a different form of electronic commerce simply by using their ATM card, debit card, or credit card in the course of daily business. The dissemination of such cards has been part of a long-term and evolving marketing strategy on the part of banks and other financial institutions to change the way people do business both with their banks and with retailers of various sorts. Some believe this could one day lead to a cashless society where all commerce is conducted through the use of plastic cards with electronic strips, perhaps with cards that have amounts embedded in them so that a purchase subtracts directly. These cards work because of a vast network of electronic connections, many by satellite, which allow for recording of transactions and near-instant transfer of money from one institution to another. The cards have been sold to the consumer on the basis of convenience, safety, and empowerment, and the overall campaign has been highly successful. The future likely holds wider dissemination, new forms of cards, use by other financial institutions, and greater societal reliance on electronic commerce. The banking industry depends heavily on customer serv
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rt card with the introduction of stored value cards. Visa licensed the technology from the Danmont system and has been using stored value cards in Denmark since 1992. These are microprocessor based stored value cards which represent cash and retain debit information. Visa plans to issue cards in $20 or $40 values that can be purchased with credit cards, ATM cards, or cash, and the value of the card is stored on a memory chip. Some cards are disposable and some are reusable. The cards are to be used at merchants with point of sale terminals linked to a local concentration point, or with PCs at a card issuing bank. Merchants will not have to invest any money to be attached to VisaNet and will not have to increase the time it takes to complete a transaction (Parker 78).
Another new card emphasizes the advantages of the use of plastic checks. One such new card is Visa's new debit card, Interlink, and another is the MasterCard debit card, Maestro. The use of these cards is expected to increased from an estimated 192 million transactions a year to 25 billion by 2000. The cards can be used like an ATM card, but they also reduce the need to carry money, eliminate check approval procedures, and help consumers stay on budget. Th
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Some common words found in the essay are:
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Approximate Word count = 2826
Approximate Pages = 11 (250 words per page)
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