Pros And Cons Of Payment Cards

When it comes to learning about credit cards, most people do not expect to hear that it can effect a persons overall emotion and wellbeing. By having a credit card close at hand people are able to spend money knowingly but do not realize the implications from their choices. They make decisions that they would not have made otherwise if the consumer paid in cash or the full amount up front on the credited bill. Researcher Greg Davies wrote a paper on the overall behavior of human emotion when it comes to consumer goods. “ His 2003 paper, The Realities of Spending, looked at models of spending behavior and how they were influenced by means of payment . . . The paper identified several theories which could explain why people appear to make irrational decisions when spending with plastic” states Nick Harding, Journalists for the British newspaper The Independent. Davis then continues on stating that the reason for the spender’s interest in credit cards is because it allows them to “decouple” their transactions. They are more willing to spend because they believe that it will be cheaper overtime due to the smaller payments, rather than just paying everything upfront. This psychologically leads buyers into believing that they can have it all without consequences, when in reality this is a false presumption.

Credit card debt, can be easy to get into, but yet can take years to get out of. Credit card usage has become an increasing occurence in the 21st century for any person above the age of seventeen. Carrying cash has become uncommon for the average man or woman and unlike cash where someone is limited to only what they have in their wallet, credit cards can have upwards to thousands of dollars on them. Granted, there are great things about owning a credit card. For example, in case of an emergency and there is not enough cash to cover the expense, a credit card can be a great back up plan. However, with all the positives there are negatives, the biggest one being, a person can wind up in debt. Thus, credit debt is an individual’s fault, derived

Luz Gomez Denise Doell EAC150 MMC 15 November 2016 Are Credit Cards Worth Having? People feel they become responsible once they get a credit card but the truth is that they can be become irresponsible. A credit card helps people buy necessary things when buyers do not have enough money to afford it. These cards can help people in many different ways, it helps them to get what they want and sometimes what people need to survive.

In the end, no matter what the pros and cons of a cashless society are, it will be inevitable. Technology is on the rise, and everything that was once good must come to an end. The transformation is already in process because most Americas have a mix of “paper” and “plastic” in their wallets, many

The fact that so much money has been stolen from these ATMS, only creates bigger problems for the U.S. This has left many in debt, unable to balance or pay off important bills and other things. Moreover, this type of theft has left federal bureaus, like bank...

Compare different payment systems used in e-commerce interfaces Net Banking Net banking is a fairly modern payment method which allows the customer to purchase items and use internet banking without the use of their card. This means that the customer does not need to enter their details like card number, their name or even their security code. This is because the net banking account already would have the information already logged into it.

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.

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...

Communication modern technological tools that have been enhanced by Information Technology are having an impact on changing the very structure and communication of banking. That is, clients are enabled to make their banking transactions whenever and wherever they want. Bank clients, by just logging on their online account, can transfer any amount of money from their account to any other account, check their last processed banking transactions and apply for loans and other banking services. According to Keyes ( 2000, p.591) 'electronic checks provide consumers with the benefits of convenience and safety while allowing billers to maintain their existing depository relationships with their banks'. Further, e-mails has enabled bank employees to notify their customers of any new enhanced bankin...