to A-plus Writer

Use of electronic payment has revolutionized transactions in the payment

industry. This technology uses embedded chips on plastic cards making it to be known

aswhich is why they are called chip cards. Therefore, aA chip card is a credit or debit

card with a built in microchip that provides convenient security while making payments.

Technology in the use of Credit cards dates back to 1920 in the United States when

individual oil companies and hotel chains first used it. Initially this technology worked

with the customer offering both the credit and the credit cards. By 1974, the Frenchman

Roland Moreno invented the use of debit card system in making payments. Therefore, the

use of credit and debit cards has enabled its users to make secure and faster payments in

all parts of the world without strain (Berlin, 2005). I am not going to correct your entire

paper for grammar and word choice issues, but I recommend you proof read your paper

carefully and perhaps read it out loud to make sure it makes sense.

Use of this kind of chip technology is becoming a global standard with the use of

Euro pay, MasterCard and Visa Card. Its use has increased payment security, reduction of

fraud and has enabled the use of future value added applications in the payment industry.

The benefits of this payment system outweigh that of hard cash because it is faster,

efficient, convenient transparent and far much secure (Dorn, 1997).

The use of this technology has been amazing in a number of quarters. One is able

to make numerous transactions within the shortest period using his/her credit card. The

cardholder is able to pay for bills, pay tickets, and make some shopping without the need

for hard cash. This technology has not only changed the Americans culture of making

transaction but the entire globe transactions. An individual can carry along his/her credit

card to a foreign country but still can make purchases of commodities in that country

!"##$%&'())*+,-'You already said this. Try not to repeat the information you wrote in the previous sentence.

!"##$%&'())*.,-'What does this mean? How does one offer credit? Also, you should talk about how the technology is different in these cards (the magnetic strip).

!"##$%&'())*/,-'How has it increased security & reduced fraud? You can t make a broad statement like this and then not provide the details. You need to not only give the reader the information, but when you expand on broad statements like this it gives you credibility because it indicates you understand the research you did and you are not just copying down information you don t understand into a paper. This would be a good place to talk about the Target Hacking and the impetus that has created for the US to move toward chip cards since we are the only country that does not actively use them.

!"##$%&'())*0,-'How would this be faster than say using your cell phone?

!"##$%&'())*1,-'Actually chip cards are not used regularly in the US. It would be very difficult for you to find a store that accepts them. This is used heavily in the global market but not in the US. You need to make sure you are doing enough research to fully understand what you are writing about. http://www.npr.org/blogs/alltechconsidered/2013 /12/19/255558139/outdated-magnetic-strips- how-u-s-credit-card-security-lags

without encountering any form of difficulties, which are normally encountered in

currency conversion (Berlin, 2005).

The use of chip technology has presented the users with the best experience in the

payment industry. One is able to credit his/her card with sufficient amount and can use

the amount in different spectrums of transactions including booking for flight tickets.

Thus, this technology has totally changed the way in which Americans and other people

around the world carry out payment businesses. Most banks have adopted the technology

making global payment cheap and easy (Radu, 2003). One is only required to have a

personal identification number in order to complete the transaction. It is a usual business

to find most US citizens purchasing commodities and items in shopping places and malls

without carrying with them hard cash (cashless payments). This is because once charged

the owner is at liberty to make any transaction in strategic partners of the card efficiently

and faster (Dorn, 1997).

Therefore, the Americans culture in the payment industry has changed

significantly since this technology entered the market. It can also be regarded as wallet

banking since most people carry these cards in their wallets making money portability

and security almost guaranteed. Walking down the streets of New York, it would be

difficult to meet someone carrying liquid cash with him or her because the it is almost a

norm to have credit cards as compared to some years back where people could move

around with hefty amount of cash (O'Mahony, Peirce& Tewari, 2001).

On the global platform, most people would prefer the use credit cards because it is

widely accepted in different countries where these cards have formed strategic

partnership. Globalization and expansion of multinational companies in different

continents where different form of currencies are used has credit card transaction and

payments the most preferred mode of payments. For example, the use of Visa is widely

!"##$%&'())*2,-'most global banks.

!"##$%&'())*3,-'No, it really hasn t. I have a feeling it is going to, but it hasn t yet.

!"##$%&'())*4,-'How is security with this kind of card any different from the magnetic strip cards we are currently using? Aren t we already wallet banking since we use our wallet to carry the cards we have now? You really have not explained what the difference is between the two technologies.

acceptable in almost all continents and one can transact his/her business with a visa card

irrespective of the currency in use within that locality. Therefore, use of credit cards such

as MasterCard, visa cards etc has turned around transaction systems in the world by

spearheading cashless payments and transactions. This is because; people are able to pay

for all kinds of their bills using their credit cards (Abrazhevich, 2004).

The world is trending towards the age of credit cards, debit cards, PayPal and visa

coins. The need for cash for legitimate purposes is increasing disappearing because

people are able to pay for their insurance bills to dinner bills without the need for having

cash at hand.

Among the unforeseen consequences of cashless baking and chip technology in

payments was that, people could overspent their investments because they mind not about

the prices of the commodities, as they would have while using hard cash. This technology

had more positive unforeseen consequences than negative. Use of this technology has

enabled central banks manage issues such as financial crisis which had not been factored

out during the invention and development of this payment system. Central banks can

fight recession by driving interest rates to less than zero which is not possible while

holding hard cash at hand (O'Mahony, Peirce& Tewari, 2001).

The development of Smartphone that currently goes in handy with cashless

transaction had not been factored in while this technology of cashless payment was

innovated. In addition, development of microchip embedded in front of the smart cards

was not a factor during the invention of cashless technology. This has further increased

security in making debit transactions (Radu, 2003).

References

Berlin, L. (2005). The man behind the microchip: Robert Noyce and the invention of

Silicon Valley. Oxford [u.a.: Oxford Univ. Press.

Dorn, J. A. (1997). The future of money in the information age. Washington, D.C: Cato

Institute.

Radu, C. (2003). Implementing electronic card payment systems. Boston, Mass. [u.a.:

Artech House.

O'Mahony, D., Peirce, M., & Tewari, H. (2001). Ele ctronic payment systems for E-

Commerce. Boston, Mass. [u.a.: Artech House.

Abrazhevich, D. (2004). E le ctronic payment systems: A user-c entered perspe ctive and

interaction design.

This is a really good topic, but it was hard for me to grade because so much of the information you based your paper on was incorrect and incomplete. Read the notes I did make and you can resubmit your paper for a better grade. Upload it to the Blackboard assignment #1 spot by April 8th. 35/50 = 70%