The Importance Of Debit Cards

Improved Essays
Authors are attributed to having created technologies and new innovations that expounded heavily on what they might be, and how they might be used when writing their stories. Such an example is the debit card. A debit card is a plastic payment card that can be used instead of cash when buying goods or services. The checking account of the debit holder is automatically debited when a transaction has occurred. Safety measures such as entering a personal identification number (PIN) to verify a customers’ identity are part of the operating procedures when transacting with debit cards. A debit card is normally linked to one’s account and it can be accessed electronically. Debit cards are supported by various technologies which include: magnetic …show more content…
This includes identity theft that has been on the rise (Hayashi et al. 2012, 88). Criminals are coming up with ways of obtaining important personal information of debit card owners. With the stolen information, the thieves can attain debit cards using the other persons’ identity without their actions being discovered by the target. To curb this risk, banks have adopted microchips to augment identity theft against cyber criminals. This is because the microchips are complex for criminals to replicate especially the magnetic strips that enable them to steal data. Operational risk is another technological limitation of such a technology (Hayashi et al. 2012, 89). Operational risk normally is as a result of hardware or software problems, or human error that can produce an operational malfunction that leads to financial exposure. As a result of technology advancements, relationships among payment systems of participants is becoming increasingly complex, and intertwined and the consequence will be the increase in risk of software, hardware and other operational …show more content…
Statistics show that in the year 2009, a total of 37.6 billion transactions were attributed to debit cards. A performance measure that was conducted by the 10th Annual Debit Issuer in August 2015 based on penetration, activation and usage (PAU) of debit cards revealed that penetration and active rates were holding steady while usage continued to grow. Banks are also working round the clock to come up with the next generation debit card with some amazing features. For instance, MasterCard is working to have a “Display Card” that offers the first interactive card in the market. The card has a small visual display window and touch sensitive button that allows a card holder see information on the card in form of numbers and text. Such information includes dynamic passcodes, an account balance and spending limit. This is one of the many features for a debit card that is still in the pipeline because of the dynamism in technology. One other interesting innovation in the near future is the incorporation of biometrics in the design of the debit cards. The card is envisioned to be invisible and made of special materials that will not reveal any card details unless they are revealed through fingerprints or other ways of owner identification. This would be a

Related Documents

  • Great Essays

    This suite incorporates an extensive variety of standard reports that let individuals examine exchanges each day, week, or month and contrast the outcomes with various parts of the nation, different parts of the world, or predefined gatherings of comparable banks. Discussion Points a. MasterCard administrators are propelled to expand (1) the quantity of people who have and utilize a MasterCard charge card, (2) the quantity of banks and different customers who issue these Cards to clients and additionally workers, and (3) the quantity of areas that acknowledge MasterCard installments. Examine how MasterCard could utilize its information stockroom to enable it to extend each of these client bases. b. MasterCard makes its examination tools accessible to the majority of its associated banks and different backers. It realizes that getting its customers to utilize these instruments can be basic to keeping them as steadfast clients.…

    • 933 Words
    • 4 Pages
    Great Essays
  • Improved Essays

    Penny Synthesis Essay

    • 699 Words
    • 3 Pages

    In the present day of 2017, Americans no longer have the time for simple inconveniences. At the swipe of a card, purchases can be made in as…

    • 699 Words
    • 3 Pages
    Improved Essays
  • Great Essays

    Qrt2 Task 2 Case Study

    • 4418 Words
    • 18 Pages

    This was the key reason for the choice to work with Go Daddy for this part of the website. The other influencing factor is free mobile customization. The mobile strategy is important in this day and age. Customers will be able to purchase products without coming into the salon and having them shipped directly to their homes. QRT2 – Task 1 15 Clients will be able to use credit and debit cards for their purchases.…

    • 4418 Words
    • 18 Pages
    Great Essays
  • Improved Essays

    Nothing brightens my mood more than opening a personal card sent by a loved one, friend, or colleague. But that occurrence declines year after year, for the daily mail morphs into an endless pile of bills, coupons, and presidential election flyers. Nowadays, the only card I can expect to see in my mailbox is the credit card companies with their customer acquisition offers. The personal touch of handwritten cards ensures the purposes of the USPS (United States Postal Service) are still there but not used to its fullest extent or availability.…

    • 950 Words
    • 4 Pages
    Improved Essays
  • Superior Essays

    Chick-Fil-A Case Study

    • 710 Words
    • 3 Pages

    Technology has a monumental impact on society and in the way we live our day-to-day lives. Its simplified the most mundane tasks, such as making in-store purchases, by developing more innovative and effective ways to reduce our routinely and tiresome duties. For example, apps such as Google Wallet and Apple Pay, help consumers make transactions through their phones instead of swiping their credit cards. This new form of technology makes in-store transactions much easier and phone-friendly for end-users and companies alike. Food restaurants such as Chick-fil-A, have also jumped on this new innovative bandwagon by allowing customers to make in-restaurant purchases wirelessly through the Google Wallet and Apple Pay apps.…

    • 710 Words
    • 3 Pages
    Superior Essays
  • Decent Essays

    Chip Card Nightmares Published in Wall Street Journal, Joanna Stern’s “Chip Card Nightmares, Help Is on The Way” (a) Swipe the card (b) get scold by the cashier to use the chip reader (c) insert the chip and cancel all foreseeable plans (d) wait, wait some more and celebrate once you hear that joyless “ remove your card” sound. I want you to remember that next time you experience, it’s not you. It’s the banks, credit card companies, merchants, payment processors, terminal Manufacturers and many others But there’s a ray of hope; your Smartphone.…

    • 94 Words
    • 1 Pages
    Decent Essays
  • Decent Essays

    Cash and credit have their benefits and disadvantages. However, most of the people, as well as shopping stores, are changing to use of cards because they are seen as more beneficial and convenient as compared to cash. Due to the changing technology people may stop using money in the future as it’s being used now. This may take longer time, but the use of cash will reduce as compared to recent times. However, the use of money or credit should be left to the people to decide on what best they feel comfortable…

    • 868 Words
    • 4 Pages
    Decent Essays
  • Decent Essays

    Credit cards are tricky and tempting, especially for students who live on a tight budget. Good credit is crucial when making big purchases in life such as: buying a house/car. It is important for students to know how to use credit cards the right way in order to prevent them from having bad credit ratings. To take charge of your credit, individuals must pay off the balance each month, check statements regularly, and limit to using only one credit card. I believe paying off the entire balance on your credit card every month is very important.…

    • 189 Words
    • 1 Pages
    Decent Essays
  • Decent Essays

    Macy's Research Paper

    • 141 Words
    • 1 Pages

    Data breach has been rising in the United States and in other countries as well, leaving customers vulnerable to identity theft. Customers also can get their credit history damaged. Thousands of people are affected by this situation more frequently when they make their purchases online as well as in the stores when using credit cards. Since the use of credit cards is the most convenient way to pay for a purchase for customers, scammers take advantage of it to commit their frauds.…

    • 141 Words
    • 1 Pages
    Decent Essays
  • Improved Essays

    The Pros And Cons Of Venmo

    • 1039 Words
    • 5 Pages

    Summary: Due to recent technological advancements, anyone can easily do their banking without having to go to their local bank branch. Now, people use Venmo, a free digital wallet that lets a person deposit checks and/or money and to send money to friends and family. This convenience for the user puts unfortunately puts the jobs of the people who work at bank branches at risk. According to a new Citigroup study, thirty percent of bank jobs may be lost between 2015 to 2025 die to retail banking automation. In addition to Venmo, there are also many other payment businesses such as Square, Apple Pay, and Paypal.…

    • 1039 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    Kilroy Sports Bar Essay

    • 1312 Words
    • 6 Pages

    As one of the top 50 sports bars***CITE*** in the US, Kilroy’s Sports Bar has established a strong brand presence in the Bloomington community, and a strong image in the eye’s of the community. They have continually put in effort to distinguish themselves on promotion, and service among other Bloomington bars. Their promotion, “$3 Thursdays”, has drawn the most attendance comparatively to all other Bloomington bars (kilroyssports.com). However, they are looking to invest in any resources that will decrease the line to enter the bar, as well as reduce the amount of employee who quit due to the poor job conditions and working hours. With this knowledge, our project is focused on decreasing wait time for patrons, and conversely improving conditions for door staff and carders.…

    • 1312 Words
    • 6 Pages
    Improved Essays
  • Improved Essays

    Identity theft has been a growing situation. It is something that continues to grow and having many people being affected by having their identity stolen. Technology makes it easier for individuals to steal someone's identity and use it to their own advantage. It is important for people to take the right precautions and keep information secure to prevent any identity theft from occurring. Keeping Information Private…

    • 481 Words
    • 2 Pages
    Improved Essays
  • Improved Essays

    Outsourcing Trends

    • 1566 Words
    • 7 Pages

    Briefly describe the technologies that are leading businesses into the third wave of electronic commerce. The key technologies that are leading businesses into the third wave of electronic commerce include mobile phones and tablets along with high-speed networks that allow users to access the Internet and smart cards and radio frequency identification devices (RFID) that are being used with biometric technologies such as retina scanners and fingerprint readers. In about 100 words, describe the function of the Internet Corporation for Assigned Names and Numbers. Include a discussion of the differences between gTLDs and sTLDs in your answer.…

    • 1566 Words
    • 7 Pages
    Improved Essays
  • Superior Essays

    Forward: When Edward Snowden revealed that the NSA was spying on us in 2012, I expected people to be outraged. I expected a massive public backlash that would lead to reform. By and large, the public’s reaction has been underwhelming. For one reason or another, government surveillance is a topic that many people don’t know about or don’t talk about. I’ve talked to people about surveillance before, and many of them were unaware of key details about it.…

    • 1437 Words
    • 6 Pages
    Superior Essays
  • Improved Essays

    Bank Experience Essay

    • 1479 Words
    • 6 Pages

    1. Rushed (Current Bank Experience) My first experience with selecting my current bank draws back to my first day at university. I created an account, on paper, at a tent during the welcome week celebration. The experience was quite rushed and informal.…

    • 1479 Words
    • 6 Pages
    Improved Essays