Essay On Internet Banking
Internet banking is an electronic payment system that enables customers of banks to conduct transactions on a website operated by the them, such as a retail bank, virtual bank, credit union etc. Internet banking is also referred as online banking, e-banking, virtual banking and by other terms.
To access a financial institution's internet banking facility, a customer with Internet access would need to register with the institution for the banking services, and need to set up a password and other credentials for customer verification. The credentials for online banking are normally not the same as for telephone banking. Financial institutions now routinely allocate customers numbers to customers, whether or not customers have an intention to
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The microprocessor is under a contact pad on one side of card.. The microprocessor is there on the smart card for security. The host computer and card reader actually "talk" to microprocessor. The microprocessor enforces access to the data on the card. The chips in these cards are capable of many kinds of transactions. For example, a person could make purchases from his/her credit account, debit account or from some other account. The enhanced memory and processing capacity of the smart card is many times that of traditional magnetic-stripe cards and can accommodate various different applications on single card. Smart cards can also used with a smart card reader attachment to a personal computer to authenticate a user. Smart cards are very popular in Europe. In Europe the health insurance and banking industries use smart cards extensively.
DEBIT CARD: Debit cards are also known as checks cards. Debit cards look like credit cards or ATM (automated teller machine) cards, but operate like cash or personal check. Debit cards are different from the credit cards. Credit card is a way to "pay later," while a debit card is a way to "pay now." When you use a debit card, your money is quickly deducted from your checking or savings account. Debit cards
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