The aim of this paper is to propose a new feature called Change Back for consumer accounts, which minimizes the use of cash coins by retail consumer outlets and eliminates the need of carrying the same for banks’ consumer customers. Once implemented in consumer banking applications and point-of-sale devices, the feature will minimize the wastage of coins by shoppers, commission charges incurred by retail vendors on coins, improve money retention by banks in their consumer accounts and minimize of the spread of pandemics.
Discussed in detail are how the Cash Back transaction takes place and what needs to be implemented by different parties involved in making it a success. A step-by-step flow of the transaction is pictorially described from a point-of-sale device at a retail cash counter to a bank’s payment processing application.
The aim of this paper is to propose a new feature called Change Back for consumer accounts, which minimizes the use of cash coins by retail consumer outlets and eliminates the need of carrying the same for
banks’ consumer customers. Once implemented in consumer banking applications and point-of-sale devices, the feature will minimize the wastage of coins by shoppers, commission charges incurred by retail vendors on coins, improve money retention by banks in their consumer accounts and minimize of the spread of pandemics.
A slang phrase for credit cards, especially when such cards used to make purchases. The "plastic" portion of this term refers to the plastic construction of credit cards, as opposed to paper and metal of currency. The "money" portion is an erroneous reference to credit cards as a form of money, which they are not. Although credit cards do facilitate transactions, because they are a liability rather than an asset, they are not money and not part of the economy's money supply.
source:net
Plastic money refers to payment cards like debit cards, credit cards, prepaid cards, and store cards that are used instead of cash. Debit cards directly deduct funds from a linked bank account for purchases. Credit cards provide a line of credit and require monthly payments of balances. Prepaid cards are loaded with funds that can be spent until the balance reaches zero. Store cards can only be used at a specific retailer and are often used as marketing tools.
Plastic money refers to payment cards like debit cards, credit cards, and prepaid cards that are used instead of cash. There are several types of plastic money cards that allow users to access funds in different ways. The use of plastic money provides convenience for customers and increases purchasing power while also benefiting banks and retailers. Increased use of electronic payments like cards has been shown to boost economic growth by accelerating consumption and production. Studies found that higher card penetration as a percentage of consumer spending can increase GDP by 0.3-0.8% in developed and emerging markets respectively.
Plastic money in the Economy and Its Impact on the Speed in Economic ActivitiesNirbhik Jangid
Plastic money refers to credit cards, debit cards, cash cards, and prepaid cards that are used in place of cash. The document discusses how plastic money impacts the speed of economic activities. It provides details on the different types of plastic money and how rising card payments can drive economic growth. Specifically, it states that increased card usage contributed to a 0.8% increase in GDP in emerging markets and 0.3% in developed markets between 2008-2012. The value of electronic payments includes potential higher tax revenue, lower cash handling costs, and greater financial inclusion.
This document summarizes different types of plastic money such as credit cards, debit cards, prepaid cash cards, and charge cards. It discusses the birth of plastic money in the 1950s with the Diners Club card and outlines the key parties involved in plastic money transactions such as cardholders, card-issuing banks, acquiring banks, and credit card associations. The document also differentiates between credit cards and debit cards and provides examples of different types of plastic money cards such as ATM cards, global cards, and Diners Club cards. It discusses advantages like purchasing power and convenience as well as disadvantages including complicated terms and increased debt.
Plastic money and digital cash sept 2012 abbl card infoShihab Uddin Khan
This document discusses digital cash/plastic money and electronic payment systems. It defines payment systems as a set of instruments, procedures, and funds transfer systems that ensure the circulation of money. It also defines electronic payment as a financial exchange that takes place online between buyers and sellers, usually using some form of digital financial instrument backed by a bank. The document then discusses different types of electronic payment systems like digital cash, credit cards, stored value cards, and debit cards and how they have affected both consumers and companies.
Plastic money refers to bank cards like debit and credit cards that allow cardholders to make purchases up to a predetermined credit limit. The first plastic money was introduced in 1951 by Franklin National Bank in New York. There are various types of cards including debit, credit, charge, smart, and co-branded cards. Key features include not needing to carry cash, obtaining cash from ATMs, and paying bills automatically. To be eligible for a card, one must earn over 60,000 rupees annually and have a bank savings account. Major banks in Pakistan that issue credit and debit cards include Standard Chartered, SBP, Allied Bank, and Habib Bank. Cards display the customer's name, 16-digit number
The aim of this paper is to propose a new feature called Change Back for consumer accounts, which minimizes the use of cash coins by retail consumer outlets and eliminates the need of carrying the same for
banks’ consumer customers. Once implemented in consumer banking applications and point-of-sale devices, the feature will minimize the wastage of coins by shoppers, commission charges incurred by retail vendors on coins, improve money retention by banks in their consumer accounts and minimize of the spread of pandemics.
A slang phrase for credit cards, especially when such cards used to make purchases. The "plastic" portion of this term refers to the plastic construction of credit cards, as opposed to paper and metal of currency. The "money" portion is an erroneous reference to credit cards as a form of money, which they are not. Although credit cards do facilitate transactions, because they are a liability rather than an asset, they are not money and not part of the economy's money supply.
source:net
Plastic money refers to payment cards like debit cards, credit cards, prepaid cards, and store cards that are used instead of cash. Debit cards directly deduct funds from a linked bank account for purchases. Credit cards provide a line of credit and require monthly payments of balances. Prepaid cards are loaded with funds that can be spent until the balance reaches zero. Store cards can only be used at a specific retailer and are often used as marketing tools.
Plastic money refers to payment cards like debit cards, credit cards, and prepaid cards that are used instead of cash. There are several types of plastic money cards that allow users to access funds in different ways. The use of plastic money provides convenience for customers and increases purchasing power while also benefiting banks and retailers. Increased use of electronic payments like cards has been shown to boost economic growth by accelerating consumption and production. Studies found that higher card penetration as a percentage of consumer spending can increase GDP by 0.3-0.8% in developed and emerging markets respectively.
Plastic money in the Economy and Its Impact on the Speed in Economic ActivitiesNirbhik Jangid
Plastic money refers to credit cards, debit cards, cash cards, and prepaid cards that are used in place of cash. The document discusses how plastic money impacts the speed of economic activities. It provides details on the different types of plastic money and how rising card payments can drive economic growth. Specifically, it states that increased card usage contributed to a 0.8% increase in GDP in emerging markets and 0.3% in developed markets between 2008-2012. The value of electronic payments includes potential higher tax revenue, lower cash handling costs, and greater financial inclusion.
This document summarizes different types of plastic money such as credit cards, debit cards, prepaid cash cards, and charge cards. It discusses the birth of plastic money in the 1950s with the Diners Club card and outlines the key parties involved in plastic money transactions such as cardholders, card-issuing banks, acquiring banks, and credit card associations. The document also differentiates between credit cards and debit cards and provides examples of different types of plastic money cards such as ATM cards, global cards, and Diners Club cards. It discusses advantages like purchasing power and convenience as well as disadvantages including complicated terms and increased debt.
Plastic money and digital cash sept 2012 abbl card infoShihab Uddin Khan
This document discusses digital cash/plastic money and electronic payment systems. It defines payment systems as a set of instruments, procedures, and funds transfer systems that ensure the circulation of money. It also defines electronic payment as a financial exchange that takes place online between buyers and sellers, usually using some form of digital financial instrument backed by a bank. The document then discusses different types of electronic payment systems like digital cash, credit cards, stored value cards, and debit cards and how they have affected both consumers and companies.
Plastic money refers to bank cards like debit and credit cards that allow cardholders to make purchases up to a predetermined credit limit. The first plastic money was introduced in 1951 by Franklin National Bank in New York. There are various types of cards including debit, credit, charge, smart, and co-branded cards. Key features include not needing to carry cash, obtaining cash from ATMs, and paying bills automatically. To be eligible for a card, one must earn over 60,000 rupees annually and have a bank savings account. Major banks in Pakistan that issue credit and debit cards include Standard Chartered, SBP, Allied Bank, and Habib Bank. Cards display the customer's name, 16-digit number
This document discusses the history and types of plastic money. It begins by defining plastic money as credit or debit cards made of plastic that provide an alternative to cash payments. It then outlines five main types of plastic cards: cash/ATM cards, credit cards, debit cards, in-store cards, and prepaid cash cards. For each type, it describes how they work, examples, and merits and demerits for customers. The document also reviews several academic studies that have examined factors influencing plastic money usage, such as income, education, and urban vs rural locations. Finally, it provides a bibliography of additional resources on the topic of plastic money.
Plastic money refers to payment methods like credit cards, debit cards, and smart cards that are made of plastic rather than paper or metal. While plastic money provides advantages like purchasing power and safety, it is not widely accepted in India due to infrastructure issues, lack of government support, and cultural mindsets that are averse to credit. Younger, higher-income Indians are more likely to use plastic money, but overall adoption remains relatively low compared to more developed countries. For plastic money to succeed in India, improvements are needed in financial literacy, technology infrastructure, and addressing cultural preferences for cash-based transactions.
A credit card allows individuals to make purchases and pay back the amount over time, with interest charged on unpaid balances. Credit cards are issued by banks or other financial institutions to customers who can then use them to buy goods and services. Key features of modern credit cards include annual fees, interest charges, cash advance fees, and other penalties. Credit cards provide convenience for purchases but can also contribute to debt if not managed carefully.
This document compares plastic money to paper money. It conducted a study through questionnaires with 29 participants from different age groups, professions, and income levels. The study found that 65% of respondents preferred using cards over cash, with plastic money seen as more reliable, secure, and convenient than paper money. A t-test analysis of the data concluded that plastic money is better than paper money. The document thus recommends that stakeholders expand the role of plastic money through education and practices that improve security.
A credit card allows a cardholder to pay for goods and services based on a promise to pay. The issuer creates a revolving line of credit for the user. Credit cards involve a third party paying the seller and being reimbursed by the buyer. Credit cards come in different types like general purpose cards accepted by many merchants and private label cards only accepted by specific retailers. Credit cards offer convenience for payments and cash access as well as help users establish credit history.
1. The document provides information on credit cards in India, including their origin and working mechanism. It discusses key terms and conditions, fees, and benefits of some popular credit cards in India such as Axis Bank Ace Credit Card, SBI Simply Click Credit Card, and Yes First Preferred Credit Card.
2. Tables are included that compare joining fees, annual fees, eligibility requirements, and rewards/benefits of 10 top credit cards in India.
3. The document aims to analyze credit cards in India and provide a case study on reviewing the best current credit cards and what the future may hold for credit card business.
A credit card is a small plastic card that allows users to make purchases and pay for them over time. The card issuer opens a revolving line of credit for the user and charges interest on any balances that are not paid off each month. Credit cards differ from debit cards, which deduct funds directly from a linked bank account, and charge cards, which require payment in full each billing cycle. While credit cards have grown popular for their convenience, issuers charge fees for late payments, exceeding the credit limit, cash advances, and other penalties to mitigate risk.
The document provides information about debit and credit cards from various banks such as UCO Bank, Dena Bank, and Bank of Baroda. It discusses the history and features of debit and credit cards. For each bank, it outlines the types of debit and credit cards offered, eligibility requirements, transaction limits, fees and charges. UCO Bank offers classic, gold, platinum and signature debit cards. Dena Bank offers ATM cards, insta cards, debit cards, EMV chip cards, and RuPay KCC cards for farmers. Bank of Baroda offers silver, gold and platinum credit cards with varying revolving credit limits and cash withdrawal limits.
The document discusses various electronic payment systems used in e-commerce. It describes the meaning of electronic payments and some common modes of electronic payments including e-cash, credit cards, debit cards, smart cards, e-wallets, and electronic funds transfer. For each payment mode, it provides details on how they work, their advantages and disadvantages. The key electronic payment modes covered in the document are e-cash, credit cards, debit cards, smart cards, and e-wallets. It provides an overview of these different payment options and factors to consider when using them.
This document discusses credit cards and provides suggestions for making credit cards more accessible. It notes that eligibility requirements for credit cards are currently too complex, preventing many customers who can repay loans from getting cards. The author suggests that banks should issue credit cards to more customers regardless of savings account status or other criteria, as many can repay bills. Additionally, the document proposes several ideas to incentivize credit card use, such as special discounts, extended EMIs, and reward points programs. The goal is to expand card eligibility while maintaining customer loyalty and increasing bank revenues.
The document discusses electronic banking and provides information about various types of electronic funds transfers. It defines electronic banking and describes several common electronic banking services including ATM use, direct deposit, bill payment, and point-of-sale transfers. It also compares different types of electronic currency such as check cards, smart cards, and digital cash/checks. Additionally, it outlines consumer protections provided under the Electronic Funds Transfer Act and discusses steps consumers should take if they experience problems or errors with electronic banking transactions.
This document discusses different electronic payment systems used in e-commerce. It describes e-cash, credit cards, debit cards, smart cards, e-wallets, and electronic funds transfer. It provides details on credit cards and debit cards, including how they work, their advantages and disadvantages. Credit cards offer benefits like easy access to credit, rewards programs, and purchase protection, but can also lead to debt issues if not managed properly due to high interest rates and potential overspending. Debit cards provide convenience but have limitations like restricted funds access and potential fees for using other banks' ATMs.
7.credit card and debit card working and managementSuchet Pajni
Credit and debit cards began emerging in the late 1970s and early 1980s. Debit cards were introduced first around 1977-1978, highlighting the growth of electronic payments. Credit cards then followed in the 1980s when banks started acting as clearing houses for transactions and promoting their own card brands. Both cards now provide convenient alternatives to cash payments. While credit cards allow users to borrow money and incur interest charges, debit cards directly access funds from a user's bank account without interest. The two cards differ in how they are linked to accounts and whether spending results in debt or directly accessed money.
This document discusses credit cards and their history and features. It defines credit cards as plastic cards that can be used to make purchases or obtain cash using a line of credit. Credit cards are classified in different ways, including by mode of credit recovery (charge cards or revolving credit), status (standard, business, gold), geographical validity (domestic, international), franchise/tie-up (proprietary, MasterCard, Visa), and issuer (individual, corporate). The document also outlines the credit card cycle and provides advantages to both cardholders and credit card companies/banks, as well as some disadvantages.
A debit is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. It is positioned to the left in an accounting entry. A credit is an accounting entry that either increases a liability or equity account, or decreases an asset or expense account.
1. Buying on credit involves purchasing something with the promise to pay in the future.
2. Key players in credit card transactions include the cardholder, merchant, acquiring bank (merchant's bank), issuing bank (cardholder's bank), and card associations like Visa and Mastercard.
3. An acquiring bank contracts with merchants to enable credit card acceptance, while an issuing bank issues cards to consumers and is repaid by cardholders. Card associations govern the system and process transactions.
Credit cards allow users to make purchases and pay the balance later, with interest charged on unpaid balances. A credit card transaction involves several parties: the cardholder makes a purchase from a merchant, who is paid by an acquiring bank; the card-issuing bank then pays the acquiring bank and bills the cardholder. Key benefits of credit cards include convenience and fraud protection compared to debit cards. Customers have a grace period before interest is charged if they pay the monthly statement balance in full. Fees charged to customers can include late fees, over-limit fees, and fees for cash advances or foreign transactions.
Debit cards are linked directly to a checking account and use funds that have already been deposited, while credit cards allow purchases to be made without immediately paying and require repayment of balances over time. Debit cards provide access to cash from ATMs and require a PIN for transactions, while credit cards typically only require a signature. While debit cards avoid interest charges and do not require credit worthiness, they offer less fraud protection than credit cards and can incur overdraft fees if funds are insufficient.
The aim of this paper is to propose a new feature called Change Back for consumer accounts, which
minimizes the use of cash coins by retail consumer outlets and eliminates the need of carrying the same for
banks’ consumer customers. Once implemented in consumer banking applications and point-of-sale
devices, the feature will minimize the wastage of coins by shoppers, commission charges incurred by retail
vendors on coins, improve money retention by banks in their consumer accounts and minimize of the
spread of pandemics.
Discussed in detail are how the Cash Back transaction takes place and what needs to be implemented by
different parties involved in making it a success. A step-by-step flow of the transaction is pictorially
described from a point-of-sale device at a retail cash counter to a bank’s payment processing application.
Merchant acquirers face increasing challenges in the rapidly changing global payments landscape, but these challenges also bring new opportunities. The key functions of acquirers include signing up merchants to accept card payments, authorizing transactions, and facilitating clearing and settlement of funds between merchants and card issuers. Acquirers also provide dispute management and information services to merchants. Major challenges for acquirers include regulatory pressures, compliance issues for small merchants, threats from non-traditional players, and fraud; however, opportunities exist in developing new pricing strategies, technological investments, and multichannel acquiring.
This document discusses the history and types of plastic money. It begins by defining plastic money as credit or debit cards made of plastic that provide an alternative to cash payments. It then outlines five main types of plastic cards: cash/ATM cards, credit cards, debit cards, in-store cards, and prepaid cash cards. For each type, it describes how they work, examples, and merits and demerits for customers. The document also reviews several academic studies that have examined factors influencing plastic money usage, such as income, education, and urban vs rural locations. Finally, it provides a bibliography of additional resources on the topic of plastic money.
Plastic money refers to payment methods like credit cards, debit cards, and smart cards that are made of plastic rather than paper or metal. While plastic money provides advantages like purchasing power and safety, it is not widely accepted in India due to infrastructure issues, lack of government support, and cultural mindsets that are averse to credit. Younger, higher-income Indians are more likely to use plastic money, but overall adoption remains relatively low compared to more developed countries. For plastic money to succeed in India, improvements are needed in financial literacy, technology infrastructure, and addressing cultural preferences for cash-based transactions.
A credit card allows individuals to make purchases and pay back the amount over time, with interest charged on unpaid balances. Credit cards are issued by banks or other financial institutions to customers who can then use them to buy goods and services. Key features of modern credit cards include annual fees, interest charges, cash advance fees, and other penalties. Credit cards provide convenience for purchases but can also contribute to debt if not managed carefully.
This document compares plastic money to paper money. It conducted a study through questionnaires with 29 participants from different age groups, professions, and income levels. The study found that 65% of respondents preferred using cards over cash, with plastic money seen as more reliable, secure, and convenient than paper money. A t-test analysis of the data concluded that plastic money is better than paper money. The document thus recommends that stakeholders expand the role of plastic money through education and practices that improve security.
A credit card allows a cardholder to pay for goods and services based on a promise to pay. The issuer creates a revolving line of credit for the user. Credit cards involve a third party paying the seller and being reimbursed by the buyer. Credit cards come in different types like general purpose cards accepted by many merchants and private label cards only accepted by specific retailers. Credit cards offer convenience for payments and cash access as well as help users establish credit history.
1. The document provides information on credit cards in India, including their origin and working mechanism. It discusses key terms and conditions, fees, and benefits of some popular credit cards in India such as Axis Bank Ace Credit Card, SBI Simply Click Credit Card, and Yes First Preferred Credit Card.
2. Tables are included that compare joining fees, annual fees, eligibility requirements, and rewards/benefits of 10 top credit cards in India.
3. The document aims to analyze credit cards in India and provide a case study on reviewing the best current credit cards and what the future may hold for credit card business.
A credit card is a small plastic card that allows users to make purchases and pay for them over time. The card issuer opens a revolving line of credit for the user and charges interest on any balances that are not paid off each month. Credit cards differ from debit cards, which deduct funds directly from a linked bank account, and charge cards, which require payment in full each billing cycle. While credit cards have grown popular for their convenience, issuers charge fees for late payments, exceeding the credit limit, cash advances, and other penalties to mitigate risk.
The document provides information about debit and credit cards from various banks such as UCO Bank, Dena Bank, and Bank of Baroda. It discusses the history and features of debit and credit cards. For each bank, it outlines the types of debit and credit cards offered, eligibility requirements, transaction limits, fees and charges. UCO Bank offers classic, gold, platinum and signature debit cards. Dena Bank offers ATM cards, insta cards, debit cards, EMV chip cards, and RuPay KCC cards for farmers. Bank of Baroda offers silver, gold and platinum credit cards with varying revolving credit limits and cash withdrawal limits.
The document discusses various electronic payment systems used in e-commerce. It describes the meaning of electronic payments and some common modes of electronic payments including e-cash, credit cards, debit cards, smart cards, e-wallets, and electronic funds transfer. For each payment mode, it provides details on how they work, their advantages and disadvantages. The key electronic payment modes covered in the document are e-cash, credit cards, debit cards, smart cards, and e-wallets. It provides an overview of these different payment options and factors to consider when using them.
This document discusses credit cards and provides suggestions for making credit cards more accessible. It notes that eligibility requirements for credit cards are currently too complex, preventing many customers who can repay loans from getting cards. The author suggests that banks should issue credit cards to more customers regardless of savings account status or other criteria, as many can repay bills. Additionally, the document proposes several ideas to incentivize credit card use, such as special discounts, extended EMIs, and reward points programs. The goal is to expand card eligibility while maintaining customer loyalty and increasing bank revenues.
The document discusses electronic banking and provides information about various types of electronic funds transfers. It defines electronic banking and describes several common electronic banking services including ATM use, direct deposit, bill payment, and point-of-sale transfers. It also compares different types of electronic currency such as check cards, smart cards, and digital cash/checks. Additionally, it outlines consumer protections provided under the Electronic Funds Transfer Act and discusses steps consumers should take if they experience problems or errors with electronic banking transactions.
This document discusses different electronic payment systems used in e-commerce. It describes e-cash, credit cards, debit cards, smart cards, e-wallets, and electronic funds transfer. It provides details on credit cards and debit cards, including how they work, their advantages and disadvantages. Credit cards offer benefits like easy access to credit, rewards programs, and purchase protection, but can also lead to debt issues if not managed properly due to high interest rates and potential overspending. Debit cards provide convenience but have limitations like restricted funds access and potential fees for using other banks' ATMs.
7.credit card and debit card working and managementSuchet Pajni
Credit and debit cards began emerging in the late 1970s and early 1980s. Debit cards were introduced first around 1977-1978, highlighting the growth of electronic payments. Credit cards then followed in the 1980s when banks started acting as clearing houses for transactions and promoting their own card brands. Both cards now provide convenient alternatives to cash payments. While credit cards allow users to borrow money and incur interest charges, debit cards directly access funds from a user's bank account without interest. The two cards differ in how they are linked to accounts and whether spending results in debt or directly accessed money.
This document discusses credit cards and their history and features. It defines credit cards as plastic cards that can be used to make purchases or obtain cash using a line of credit. Credit cards are classified in different ways, including by mode of credit recovery (charge cards or revolving credit), status (standard, business, gold), geographical validity (domestic, international), franchise/tie-up (proprietary, MasterCard, Visa), and issuer (individual, corporate). The document also outlines the credit card cycle and provides advantages to both cardholders and credit card companies/banks, as well as some disadvantages.
A debit is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. It is positioned to the left in an accounting entry. A credit is an accounting entry that either increases a liability or equity account, or decreases an asset or expense account.
1. Buying on credit involves purchasing something with the promise to pay in the future.
2. Key players in credit card transactions include the cardholder, merchant, acquiring bank (merchant's bank), issuing bank (cardholder's bank), and card associations like Visa and Mastercard.
3. An acquiring bank contracts with merchants to enable credit card acceptance, while an issuing bank issues cards to consumers and is repaid by cardholders. Card associations govern the system and process transactions.
Credit cards allow users to make purchases and pay the balance later, with interest charged on unpaid balances. A credit card transaction involves several parties: the cardholder makes a purchase from a merchant, who is paid by an acquiring bank; the card-issuing bank then pays the acquiring bank and bills the cardholder. Key benefits of credit cards include convenience and fraud protection compared to debit cards. Customers have a grace period before interest is charged if they pay the monthly statement balance in full. Fees charged to customers can include late fees, over-limit fees, and fees for cash advances or foreign transactions.
Debit cards are linked directly to a checking account and use funds that have already been deposited, while credit cards allow purchases to be made without immediately paying and require repayment of balances over time. Debit cards provide access to cash from ATMs and require a PIN for transactions, while credit cards typically only require a signature. While debit cards avoid interest charges and do not require credit worthiness, they offer less fraud protection than credit cards and can incur overdraft fees if funds are insufficient.
The aim of this paper is to propose a new feature called Change Back for consumer accounts, which
minimizes the use of cash coins by retail consumer outlets and eliminates the need of carrying the same for
banks’ consumer customers. Once implemented in consumer banking applications and point-of-sale
devices, the feature will minimize the wastage of coins by shoppers, commission charges incurred by retail
vendors on coins, improve money retention by banks in their consumer accounts and minimize of the
spread of pandemics.
Discussed in detail are how the Cash Back transaction takes place and what needs to be implemented by
different parties involved in making it a success. A step-by-step flow of the transaction is pictorially
described from a point-of-sale device at a retail cash counter to a bank’s payment processing application.
Merchant acquirers face increasing challenges in the rapidly changing global payments landscape, but these challenges also bring new opportunities. The key functions of acquirers include signing up merchants to accept card payments, authorizing transactions, and facilitating clearing and settlement of funds between merchants and card issuers. Acquirers also provide dispute management and information services to merchants. Major challenges for acquirers include regulatory pressures, compliance issues for small merchants, threats from non-traditional players, and fraud; however, opportunities exist in developing new pricing strategies, technological investments, and multichannel acquiring.
Guide to Understanding Credit Card Processing for MerchantsChloeBeckham
How important are credit card sales to your business's growth? Our credit card processing guide will help you understand how to accept credit cards and what to look for in a credit card processor.
Digital cash refers to electronic payment systems that allow secure transactions without necessarily involving banks. Like physical cash, digital cash is anonymous and reusable. While digital cash was expected to become common by 2000, competing protocols meant no single system became dominant. Digital cash involves purchasing certificates from a bank that are then transferred during purchases, with large transactions verified by contacting the issuing bank. One experiment with digital cash cards failed because they could only be used to purchase goods and services, not exchanged for cash, and had no universal acceptance.
Methods of payment
This document summarizes various methods of payment including cash, checks, bank transfers, debit/credit cards, and online payments. It discusses the key functions of money as a medium of exchange, unit of account, and store of value. Regarding payment instruments, it describes how checks, bank drafts, direct debits, and wire transfers work. The differences between debit and credit cards are outlined, noting that debit cards deduct funds from your bank account while credit cards provide a line of credit. Finally, it briefly discusses online payment options like PayPal and Bitcoin.
Understanding B2B Payments- Explore Out the Payment Techniques and Their Key ...itio Innovex Pvt Ltv
By staying well-informed about these critical aspects and acquiring the top credit card processor, businesses can streamline their financial processes, enhance their cash flow, and maintain strong relationships with their trading partners.
To know more about this visit: https://webpays.com/credit-card-processing.html
Beyond Payment - E-Commerce Trends and Payment Challenges for Online Merchant...Lawrence Cheok
Written with e-commerce finance professionals in mind, this paper provides insights and recommendations for businesses interested in expanding their e-commerce operations internationally. It relates to online merchants needing to look beyond the web front-end and consider additional factors like back-office operations and banking infrastructure. Payment options discussed include e-wallets and mobile wallets, e-banking, and escrow payments, which are gaining favor in developing markets like China
This document discusses e-payment systems and methods. It begins by outlining the objectives of e-payments, risks involved, and digital signatures. It then provides an introduction to e-payment systems and how they have grown with internet banking and shopping. The main e-payment methods discussed include credit cards, debit cards, smart cards, e-money, and electronic funds transfer. Payment gateways are described as facilitating secure transactions between customers and merchants. Digital signatures are also summarized as providing security for e-payments through use of public and private keys.
Software for Payment Cards: Choosing WiselyCognizant
As the use of card-based payments continues to grow, financial institutions must improve their response times, strengthen their security, hone their future-readiness and enrich their business value. When selecting a commercial off-the-shelf (COTS) solution, banks must verify that the product and its support services are equipped to accommodate short and long-term business and IT objectives.
Current Issue: December 2020, Volume 10, Number 5/6 --- Table of ContentsIJCSEA Journal
International Journal of Computer Science, Engineering and Applications (IJCSEA) is an open access peer-reviewed journal that publishes articles which contribute new results in all areas of the computer science, Engineering and Applications. The journal is devoted to the publication of high quality papers on theoretical and practical aspects of computer science, Engineering and Applications.
Q 1. Write a detailed note on the credit card payment system and how many parties and involved in this process?
Q 2. What is the difference between E-cash, E-money, and E-wallets?
Q 3 what are the main challenges faced by developing countries in the implementation of E-business?
Q 4 How you will start E-business? explain with your own example.
Q 5 Explain the role and importance of Social Media in E-business
Q 6 write a note on the planning and designing of a website.
UNIT 2 - SBAA7001 BANKING PRODUCTS AND SERVICES.pdfGracyS2
This document provides an overview of various banking products and services offered by banks in India. It discusses deposit products like savings accounts and fixed deposits. Credit products like loans, overdrafts, and credit cards. It also covers payment and custodial services, credit appraisal techniques, credit management, priority sector lending, remittances, and safe deposit lockers. Common banking products discussed in detail include credit cards, debit cards, ATMs, e-cheques, electronic funds transfer, telebanking, mobile banking, internet banking, demat accounts, and wealth management. The document also categorizes the broad services offered by banks into payment services, acting as financial intermediaries, offering financial services, and providing ancillary services.
The payments landscape has changed significantly and bankers must adapt or be disintermediated by those changes. Check volume will continue to diminish, remote
deposit capture will continue to proliferate, and coin and currency are here to stay.
Online and mobile banking, coupled with increased ATM functionality, will drive consumer banking while non-bank payments and digital wallet services such as Apple Pay are becoming more widely accepted among both consumers and their financial institutions.
New regulations and increased regulatory scrutiny will continue to drive up banks’ costs, while new risks will necessitate improved governance, risk management,
automation, and compliance systems. Banks must re-engineer their commercial deposit products, operations, risk management and cost structures in order to remain competitive and profitable. All of this affects the way that businesses interface with their banks and the costs they bear as customers.
A credit card allows the holder to make purchases and pay for them later. The issuer grants the holder a line of credit that can be used to make purchases from merchants. Unlike charge cards, credit cards allow balances to be revolved over time with interest charged on outstanding balances. Most credit cards are issued by local banks and conform to international standards for size and shape.
Mobile paymentmethodbased on public keyIJCNCJournal
Mobile payment is defined as mobile money, which is considered as an attractive alternative for cash,
cheque, or credit. In this paper we propose a new secure mobile paymentmethod. This method is
summarized in three processes: firstly, the authentication process, which involves the authentication phases
for the applied customers. Secondly, the member recognition process which tests and ensures the customer
membership by the market server. Finally, payment processwhich will be done by ciphering the customer
information using public-key encryption cryptosystem (RSA), to be submitted over an insecure network to
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1. International Journal of Computer Science, Engineering and Applications (IJCSEA) Vol.10, No.5/6, December 2020
DOI: /10.5121/ijcsea.2020.10601 1
CHANGE BACK FEATURE FOR
CONSUMER ACCOUNTS
Cheman Shaik
VISH Consulting Services Inc, 6242 N Hoyne Avenue, Chicago IL 60659, USA
ABSTRACT
The aim of this paper is to propose a new feature called Change Back for consumer accounts, which
minimizes the use of cash coins by retail consumer outlets and eliminates the need of carrying the same for
banks’ consumer customers. Once implemented in consumer banking applications and point-of-sale
devices, the feature will minimize the wastage of coins by shoppers, commission charges incurred by retail
vendors on coins, improve money retention by banks in their consumer accounts and minimize of the
spread of pandemics.
Discussed in detail are how the Cash Back transaction takes place and what needs to be implemented by
different parties involved in making it a success. A step-by-step flow of the transaction is pictorially
described from a point-of-sale device at a retail cash counter to a bank’s payment processing application.
KEYWORDS
Consumer Accounts, Point-of-Sale Devices, Change Back Feature
1. INTRODUCTION
Every government of the world mints cash coins to facilitate small scale, daily business
transactions in their country. Cash coins are a part and parcel of our mini sale and purchase
activities. Coin minting, delivery and their circulation in the market is a continuous process of
economics. Government mints produce coins on a regular basis in order to meet their demand in
the market. For example, the US mint produces more than 10 billion coins a year [1]
Returning money less than a basic currency unit in the form of coins to buyers is a very common
practice at retail counters. Coins that a buyer takes home pools up gradually in a year into a
significant amount and it goes unused or is discarded most of the times. Usually, buyers feel
inconvenient to carry coins for shopping and reuse them at retail counters as it slows down the
transaction process, thereby wasting valuable time. On the other hand, retail vendors incur
commission charges on coins that they acquire from coin suppliers.
In advanced countries such as USA, Europe and certain Gulf countries where the basic currency
units such as Dollar, Pound Sterling, Euro and Dinar have a high value, even coins carry such a
value that cannot be ignored. A new feature implemented in consumer bank accounts and point-
of-sale devices can solve this problem and save significant amount of money for retail vendors
and their customers. Further, it improves retention of money in consumer banks that would
otherwise be discarded or lost due to negligence.
As a rough estimate, on average a family carries home nearly $500 over a year from retail
shopping outlets whereas singles carry nearly $200. These amounts are significant when pooled
2. International Journal of Computer Science, Engineering and Applications (IJCSEA) Vol.10, No.5/6, December 2020
2
up over a year and can be effectively saved if properly credited back to their personal accounts by
performing a Change Back transaction. Moreover, this will minimize the burden on Government
Mints by reducing the work force required in minting various denominations of coins, cutting
power consumptions of minting machines and curtailing their maintenance cost.
When a buyer tenders a currency bill at a retail shopping counter for a purchase, coins left after
the transaction can be returned to the buyer’s personal account, or alternatively passed to a
charity depending upon the buyer’s decision.
2. LITERATURE SURVEY
Actually, nothing has been thought of and no research has been conducted so far in regards to the
Cash Back feature. It is a new feature proposed for the first time in this paper advocating its
benefits for retail shoppers, banks, governments and the society. However, one aspect of the Cash
Back feature, that is, making donations to charities at retail cash counters is already in practice [2]
.
Certain advanced countries like United States, Australia and New Zealand made moves in the
past to discontinue the production of too smaller coins such as pennies due to their higher cost of
production than they are really worth [3]
but we still have all other denominations circulating
around in the market.
3. NECESSITY TO MINIMIZE COIN CIRCULATION
In the wake of the recent pandemic all over the world it is more advisable to reduce the usage of
coins and minimize their circulation in the market. Coin circulation spreads the pandemic rapidly
as its virus can survive on metal objects for seven days which is long enough a duration to infect
all those coming in contact with them [4]
.
Retails cash counters, coin kiosks, coin operated washers and dryers at laundries are the most
common places where an epidemic can spread rapidly. Minimizing the usage of coins will be a
proactive measure to deter the spread of epidemic.
4. CHANGE BACK FEATURE
Change Back is a feature that could be added to consumer bank accounts and point-of-sale
devices in order to enable buyers to return their coins left after a transaction to their bank
accounts. Fig.1 illustrates the process of a change back transaction taking place at a retail
business cash counter.
3. International Journal of Computer Science, Engineering and Applications (IJCSEA) Vol.10, No.5/6, December 2020
3
Fig. 1. A cash back transaction taking place at a retail cash counter
When a buyer tenders a currency bill at the payment counter of a store, the shop keeper would
ask him if he wants to go for change back option. If the buyer opts for change back, he will be
asked to select one out of the two options – return the change back to his own account or pass it
to a charity account. In case the buyer goes with the first option, he will be asked to insert his
credit or debit card following which he will be asked to enter his PIN [5]
. Once the buyer enters
his PIN, the point-of-sale device will send a request to his card provider’s server to credit his
account with the change amount [6]
.
On the other hand, if the buyer goes for the second option, the point-of-sale device will send a
request to a charity organization’s card provider server which is preconfigured in the point-of-
sale device. The pos device may also be preconfigured with multiple charity organizations in
which case the buyer may select a charity organization of his choice.
5. TECHNICAL IMPLEMENTATION
The technical implementation of cash back feature is very simple without any complexities. It
does not require any hardware or additional infrastructure setup by the buyer’s card provider or
his account holding bank. Change back transactions can be handled with the existing card
provider’s payment application and the bank’s personal banking application. Fig.2 and 3 illustrate
transactions performing cash back to customer’s bank account and charity respectively.
4. International Journal of Computer Science, Engineering and Applications (IJCSEA) Vol.10, No.5/6, December 2020
4
Fig. 2. A transaction performing cash back to customer’s account
When a customer submitting a currency bill at a cash counter, the POS device prompts him to
select one of the two options - cash back to his bank account and charity. In case the customer
opts for cash back to his bank account, he will be prompted to insert his credit or debit card [7]
.
Subsequently, the POS processor captures the change value left after transaction and the card
details and passes the same to the cards network, where his bank and account details are
retrieved. The cards network further submits the change value and customer account details to the
concerned bank’s application where the cash back transaction is completed by crediting the
customer’s account accordingly.
Fig. 3. A transaction performing cash back to a charity
5. International Journal of Computer Science, Engineering and Applications (IJCSEA) Vol.10, No.5/6, December 2020
5
In case the customer opts for cash back to a charity organization, he will be prompted to select a
charity from a list of available charities. Subsequently, the POS processor captures the change
value left after the transaction and passes the same to the selected charity’s bank application,
where the charity bank retrieves the change value and credits the charity account.
6. POS DEVICE UPGRADE
Software of the POS device and processor that support the Change Back feature need to be
upgraded to accept input from buyers and the payment counter staff. The software may be
upgraded such that when the payment counter staff selects Cash Payment option on the POS
monitor, the POS device will display a prompt for the buyer asking whether he wants to go for
Change Back, with YES and NO buttons. When the buyer taps NO, the counter staff returns him
the loose coins. If the buyer taps YES, the POS device will display two options for the buyer:
Return change to your account and Return change to a charity.
When the buyer goes with the first option, the POS device will prompt him to enter his credit or
debit card. Once a card is inserted, the change value and the card details are passed to a card
network that will pass the information to the buyer’s bank server. On the other hand, if the buyer
goes with the second option, the change value and the charity organization’s account details
configured in the POS terminal are passed to its bank server. Alternatively, the buyer may be
provided an option to select one of the multiple charity organizations configured in the POS
software.
7. TRANSACTION HANDLING BY CONSUMER BANKS
Consumer banks can handle change back transactions with minimal updates to their transaction
handling software. POS processor of the retail vendor involved in the transaction passes the
buyers card details and transaction amount, and transaction type to the cards network. A new
transaction type named CHANGE-BACK may be added by the consumer bank to the list of
transaction types either in their backend software code. Persisting transactions of this kind with
transaction type as cash-back would be useful in grouping them in transaction reports generated
for customers or the banks analytical work.
8. FINANCIAL IMPACT ON BANKS
Consumer banks incur no cost on any additional hardware or software infrastructure required to
implement the new feature. They may require only nominal enhancement to their transaction
processing and report generating applications.
The new feature implemented by consumer banks will improve money retention in their personal
accounts which would otherwise be carried over by consumers in the form of coins.
9. FINANCIAL GAIN FOR GOVERNMENT MINTS
The burden of minting cash coins on Government Mints will be relieved significantly. Further,
the minimized manpower requirements, reduced machinery maintenance cost and curtailed
electricity bills will result in Government savings. Reduced metal consumption will slash demand
for the metal such as copper, zinc and nickel, thereby controlling their prices in the metal market
[8]
.
6. International Journal of Computer Science, Engineering and Applications (IJCSEA) Vol.10, No.5/6, December 2020
6
10. RECOMMENDATIONS TO POS DEVICE MANUFACTURERS
The main players in making the change back transactions successful are POS device
manufacturers. POS device manufacturers may need to enhance their software with additional
customer interaction scripts in order to enable customers at check-in counters to opt for change
back transaction.
POS processors may be upgraded with additional configuration capabilities to configure charity
organizations and their bank account details. The list of configured charity organizations should
show up on the POS device screen when a customer opts for change back to charity. The POS
processor software must be capable of maintaining their repository of charity organizations
allowing addition and deletion thereof.
Once a customer opts for change back to charity option, the POS device may display some
symbolic images of charity categories such as Child Education, Orphanage, Disabled and
Homeless. Once a user taps one of these symbolic images, the change back amount would be
transferred to one of the charity organizations configured under that category.
11. ADVANTAGES
minimization of coin usage at retail outlets
minimization of wastage of coins at home
minimization of coin production at government mints
improvement of savings for consumers
improvement of money retention for banks in their customer accounts
minimization of commission on coin trading for retailers
minimization of metals usage
prevention of the spread of virus-based epidemics
12. TECHNICAL AND BUSINESS CHALLENGES
slight enhancements required for banking applications
enhancements required for POS software
educating consumer customers by banks
encouraging customers at retail cash counters
email campaigns required to popularize usage of change back feature
initial adaption of customers to use change back feature
initial adaption of banks, card issuers and POS manufacturers
13. CONCLUSION
Cash coins are a part and parcel of our daily transactions at cashier desk of any retail business. It
would be a good move to eliminate cash coins and phase out their production by government
mints as it offers multiple benefits to shoppers, banks, charity organizations, government mints
and even the entire society in terms of minimizing the spread of pandemics.
A new feature called Change Back is proposed for consumer bank accounts that will gradually
reduce and eventually wipe out cash coins from the market. The proposed solution is discussed in
detail explaining as to how a point-of-sale device facilitates the Cash Back transaction for a
7. International Journal of Computer Science, Engineering and Applications (IJCSEA) Vol.10, No.5/6, December 2020
7
customer at a checkout counter of retail business and how the cards network and bank payment
application process the transaction.
Implementing the cash back transaction requires point-of-sale device software to be updated
accordingly and payment processing applications of banks to go for slight software
enhancements. Cash Back feature is highly worth implementing for the multiple advantages it
will offer to the society, despite a few challenges that the point-of-sale device manufacturers and
banks will have to meet during the initial stages of implementation.
REFERENCES
[1] CoinNews.net, “U.S. Mint Produces 3.2 Billion Coins for Circulation in First Quarter 2020”,
https://www.coinnews.net/2020/04/23/u-s-mint-produces-3-2-billion-coins-for-circulation-in-first-
quarter-2020/
[2] Brian R. Kinard, Minerva Lacal Pardo, “Cause-Related Marketing: The Effect of Checkout Charity
Requests on Consumer Donation Behavior”, Atlantic Marketing Journal, Vol. 6, No. 2
[3] Andrew Keinsley, "Do You Mind if I Round?: Eliminating the Penny
A Structural Analysis", http://www2.ku.edu/~kuwpaper/2013Papers/201309.pdf
[4] HealthLine, "How Long Does the Coronavirus Live on Different Surfaces?",
https://www.healthline.com/health/how-long-does-coronavirus-last-on-surfaces#temperature
[5] Odysseas Papadimitriou, "How Credit Card Transaction Processing Works",
https://wallethub.com/edu/cc/credit-card-transaction/25511/
[6] GAM Payments, "How Debit Card Processing Works", https://gampayments.com/how-debit-card-
processing-works/
[7] Total Merchant Services, "Debit Cards vs Credit Cards: How Does Payment Processing Differ?",
https://www.totalmerchantservices.com/blog/debit-cards-vs-credit-cards-payment-processing-differ
[8] Ducksters.com, "Money and Finance How Money is Made: Coins",
https://www.ducksters.com/money/how_money_is_made_coins.php