Types of credit card

Bank issued cards

JCB(Japan credit bureau)
Gold cards
Affinity cards
Store cards
Electronic Debit cards
Telephone Cards
Fuel Cards
Add-on cards
Advantages of credit cards:
Money from the transaction is credited into supplier’s account
within 2-4 days .
No cash involved
Enable the customers to buy expensive product immediately and
make impulse purchases
Enable customers to make a payment over the telephone or over the
internet
Once the transaction confirmed payment to supplier guaranteed.
Credit card holders can use card to obtain cash from a cash
machine- although they pay interest on withdrawals from the
moment they make the transaction
Credit card holders have additional protection if goods are faulty ,
provided each item cost over a minimum amount.
Disadvantages of credit cards
•Risk of fraud through the use of stolen cards. However these are
normally borne by the credit card company, particularly if the
owner has the card protection insurance.
•Cos t of installing and paying for an electronic terminal
•Card holders may spend more than they can afford
•Cos t of processing the transactions
•Interest can be high if card is not paid-off in full each month and
cash withdrawals are expensive.
•Because the method of calculating interest is complicated, people
may find the interest charges higher than they first thought.
Electronic Fund Transfer
Electronic fund transfer or EFT refers to the computer-based system
used to perform financial transactions electronically
Types of EFTs
•Credit Transfer
•Debit Transfer
•Low valued fund transfer
•High value fund transfer
•Automated teller machine transfer
•Electronic Funds transfer at point of sale
•Cheque Truncation
Advantages of EFT
•Reduction to the amount of paper in the office
•Valuable time savings for staff and avoidance of hassle associated
with going to the bank to deposit cheque
•Faster access to funds; many banks credit direct deposits faster than
paper cheque
•Easier reconciliation of payments with bank statements
•EFT is the fastest and greenest payment option available , and
signing up is simple
Mobile banking
“Mobile banking refers to provision and availment of banking and
financial services with the help of mobile telecommunication
devices.
Technologies enabling mobile banking
•IVR(Interactive Voice Response)
•SMS
•WAP
•Standalone Mobile Application
Mobile banking services
•Account information
•Payments, Deposit, withdrawals and Transfers
•Investments
•Support
•Content services