MICR
Magnetic Ink Character Recognition
In today's high tech world, nearly everyone takes electronic banking for granted and seldom gives a second thought to automated teller machines, electronic funds transfers, on-line statements, or even utilizing the computer to pay their bills electronically. However, few, if any, realize that these capabilities can be traced back to events that occurred over half a century ago and to the invention and proliferation of Magnetic Ink Character Recognition (MICR). MICR was devised to allow computers to electronically read and recognize consumer and business account information for the purpose of automating check processing and to automate the debit and credit of bank accounts electronically (http://www.rosistem.ro/www/technologies/micr/). Although most people were unaware they were using it, MICR could well be considered the first electronic banking innovation used by consumers.
It is said that necessity is the "mother of invention" and that is certainly true in the case of MICR. MICR was invented in direct response to the economic boom that followed World War II. Prior to that time, the vast majority of people used cash to complete their financial transactions and the use of checking accounts were limited primarily to businesses and the wealthy. As such, processing the quantity of checks that cleared each day was, at worst, a minor inconvenience to the banking industry and could be accomplished by a small number of people using an entirely manual process. However, as more and more Americans of the period experienced a significant increase in both prosperity and purchasing power, the use of cash wasn't always practical and, as a result, the number of checking accounts increased sign...
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...s in Mexico, France, Spain, and in most Spanish speaking countries (http://www.idautomation.com/fonts/micr/).
With technology advancing as quickly as it has over the last five decades, it's hard to imagine that the MICR technology has survived for more than fifty years. MICR has seen numerous improvements over the years and has been upgraded using the latest technologies. The hardware used to implement MICR has gotten smaller, lighter, and cheaper as a result of newer materials and technologies and MICR readers can now be found accompanying just about every cash register across America. Even so, the basic principles of operation remain exactly the same as they were fifty years ago. MICR is a true success story and a true testament to the ingenuity and inventiveness of the engineers that worked to implement the MICR system with the limited technology of the 1950s.
Foner, Eric., Garraty, John A (eds) “Banking” The Reader’s Companion to American History, Houghton Mifflin: New York, 1991., pg. 191
...ome--this kind of innovation makes a huge difference. You're less tempting to rob if you're not holding any cash.(Gates)
Microchips implanted in 2003 or earlier are generally readable by most shelters and veterinarians, but microchips that came into use in late 2003 are generally not readable by most shelters and veterinarians because the chips require different scanning technology (Common Questions).
Shanghavi was convicted of three counts of possession of stolen credit card data, one count of trafficking in stolen credit card data and two counts of being in possession of two mini data loggers, which are devices which were intended to be used to commit credit card fraud. The MIR38 was one of the devices intended to be used to commit credit card fraud, which was sold by Canadian Barcode. This device was designed to fit over the card reader slot on an Automated Teller Machine (“ATM”) and to record and store credit and debit card information of each card as it passed through the device and into the ATM. This device is able to store the financial data contained on the magnetic stripe on the back a payment card of approximately 150 200 cards. The financial data captured by the device was then transferred from the device onto forged credit cards, which were then used to withdraw money from bank accounts or to purchase consumer goods.
QR codes are becoming prevalent as smart phones become the standard. TNS Mena reported that 19% of all consumers in UAE regularly use QR Codes. The same report states that up to 28% consumers have shown interest in using QR Codes in the future. QR Codes have carved a niche across various industries in Saudi Arabia and around the Middle East in
After employees receive their checks, they have to go to their banks to deposit it. They will have to drive there and stand in line for undetermined amount of time, which is something not many people can say they enjoy, especially if the bank full of other people who are also trying to deposit their checks. Why have employees stand in line when they could just have their check deposited directly into their account? They will save both time and
The chip has come a long way but where will it go from here? California inventor Mike Biegal first introduced the basic prototype for the microchip used in the biochip transponder in 1979. The chips are tiny, passive electronic devices ranging in size from 12 to 18mm in length and 2.0 to 3.5mm in diameter. All chips are individually inscribed and programmed to store a unique, permanent, 10-15-digit alphanumeric identification code. The GPM is coupled to an antenna and is sealed in an inert glass capsule.
...ats such as paper based and microfilm. Compare to paper based, it does not change the form of paper even how many years pass. With the proper care of the records, record center or an organization can keep the record almost thirty years until the process of destruction. However, it could not happen to an electronic record, because technologies rapidly change. There always have new software or hardware that will be upgrade and become more advance. Actually, even under the best storage conditions, digital media have a very limited shelf life, generally less than thirty years. The efforts to preserve the physical media thus provide only a short term, partial solution to the general problem of preserving digital information. Given such rates of technological change, even the most fragile media may well survive the continued availability of equipment to read those media.
Digital wallets are quickly becoming mainstream mode of online payment. Shoppers are adopting digital wallets at an incredibly rapid pace, largely due to convenience and ease of use. Tech -savvy shoppers are increasingly demanding seamless, Omni-channel retail experiences and looking for solutions that deliver this. There’s no question 2017 will be a pivotal year as digital wallets gain more widespread acceptance.
Barcodes are used everywhere around us. They are used to track products through shipment, track products at a store and speed up and enhance the checkout process, as well as allowing faster access to information. Barcodes began to be used heavily in the 1970’s. This began a great movement in the consumer industry, speeding up the checkout process and allowing easier inventory tracking. However, just like all technologies, barcodes have been enhanced many times over and are being replaced by better, more efficient systems (Bonsor).
This section was discussed about mobile banking and payments, innovative delivery channels, technologies for improved borrower identification and credit reporting, and adopting new technologies: the role of the market environment and competition. This section reviews the growth of mobile banking and payment systems and discusses technology-based business models and the role of improved borrower identification and credit reporting technologies in financial inclusion. This section also highlights that technology-based strategies for financial inclusion have varied substantially across countries and examines the features of national market environments that determine which technologies are best suited to enhance financial inclusion, as well as related to market structure and regulation that might make the success of some technology-based solutions difficult to replicate elsewhere. Major innovations in retail payment systems date back to the rise of card-based payment services. Credit cards became a wi...
...shed these devices with added features and improvements. However, they are still the same basic devices. These products, built upon incredible foresight and attention to detail, carried tremendous customer loyalty and high margins.
Digital money is undeniably convenient; anyone who has used a credit or debit card understands this. However, the era of digital money is only beginning; rapid technological advances will continue to make paper money a remnant of the past. Several innovations are already lessening the burden in your wallet. For instance, the seemingly innocuous mobile phone is actually playing an increasing role in facilitating monetary transactions, especially in Asia. Already, in Japan, large companies such as Coca-Cola have sanctioned vending machines that are not only compatible with common cell phones but also allow consumers to earn credits for using them (Kupetz). In this regard, the United States is strikingly behind the times when compared to other countries. Another new technology in the vein of mobile phones is no-contact cards. These innovative cards do not require a cashier to conduct a transaction; one simply holds a specia...
The use of credit and debit cards today are taking a tour in the sense that electronic cash is becoming more admissible as the world makes a switch towar...
A cashless society will further improve the globalisation that characterise our present time. The computerised systems can be used to decrease the quantity of paper trail therefore substituting paper cash with cashless credits or electronic money transfers. However, in a cashless economy, this will change with certain crimes almost eradicated. It will also be faster to generate electronic payments than cash as Near Field Communications (NFC) chips make their way into more payments cards and mobile handsets as well providing protection not applicable to purchases made using cash. This technology is simple with low power wireless link evolved from radio-frequency identification (RFID) tech that can transfer small amounts of data between two devices identifying us and our bank account to a computer. Another benefit of drawing nearer to a cashless society is that other companies are providing pioneering cash-free solutions to the payment related problems we come across. For example, WisePay, a provider of e-payments services, is deploying technologies that ensure parents no longer have to worry about sending their children to school with cash to pay for meals, excursions and other fees that will eliminate the likelihood of being caught short for cash or children misplacing money. The Government also has valuable explanations why they may deem to turn away from cash. Due the main factor of printing and distributing cash, not to mention ensuring the economy is free from forgeries which are all costly endeavours estimating that the cost to society of using cash is between 0.5 and 1.5% of GDP annually. In addition, there are many technological innovations that propose there is a real enthusiasm for an alternative to cash with the upsurge...