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... Therefore the introduction of smart card loaded with E-cash, and the dependence on the electronic funds transfer system (EFTS) will become inevitable. ... Although the use of smart cards is more common in Europe, North America is on a fast tract to catch up. ... New forms of money substitutes where formed like cheques, debit cards, interac, credit cards, and the all-new smart card. ... In our daily lives we have come accustomed to using our debit cards, and credit card because they provide us with accessibility of funds and trust. ... The electronic funds transfer system (EFTS) is slowly changing the way we all do business. ... Transactions through the EFTS system happen at the speed of light, which makes electronic transaction more favored. ...
USING SMART CARDS WITH EFTS
The new electronic transferring system in town is the smart card. Smart cards are the future of all transfer payment methods. They are credit card looking cards with both a magnetic stripe and a microchip that act as a minicomputer. “Smart cards have the capability to store considerable amounts of information and are capable or completing multiple transactions in seconds electronically” . “Smart cards will move transactions along multiple channels largely outside the established network of banks, checks, and paper currency.” With smart cards being introduced, youll no longer need to carry a wad of bills in your pocket or fumble for exact change.
Approximate Word count = 1140
Approximate Pages = 4.6
(250 words per page double spaced)
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