Finance NEWS
Electronic Payment System Revolution
Published by author on October 25, 2009
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Without us realizing it, we are getting used to and comfortable in using a non-cash payment. These payment systems typically use a card or electronic systems. For example many people already have a credit card, ATM card especially. Almost all bank customers have an ATM card, except for certain products that are designed to not have an ATM card.
Behind the scenes there are also electronically transfer funds between banks, such as the RTGS system (Real Time Gross Settlement) and NCS (National Clearing System). Both are only a small example of the electronic funds transfer. There are many other clearing systems.
Payment system was still “conventional.” There is a new payment system, such as donating money via SMS, transfer credit, and many more. It seems we are still in the early stages of the Revolution in Electronic Payment System.
Recently there was an additional topic, namely the emergence of EMV standards is carried by Europay, Mastercard, and Visa. (That is why the acronym is EMV) They make a standard smartcard with a base to replace the existing magnetic stripe on the back of credit card / ATM. If we use the EMV standard, we depend on these vendors. However if we use the EMV standard is more secure interoperability. For example we are in overseas, our credit card is accepted in all places (which uses EMV course).
National standards could be useful if we use them to develop domestic industries. So we can “lock” technology using domestic technology. Perhaps only China that can do (with the number of people in such a lot – read: the market – so they can determine their own standards).
What do you think?
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