MANAGEMENT INFORMATION SYSTEMS (MIS)
The most common technology applied by MFIs is the management information system known as MIS. MIS is an integrated computer-based application used to access useful, timely and accurate information to allow the user to make appropriate decisions, and to manage information effectively and efficiently. MIS includes modules such as loans portfolio tracking, human resources, internal control, accounting, and financial analysis (CGAP, 2010). MIS is often one of the major factors that enable MFIs to achieve significant growth. Kashyap (2009) stressed that “It is difficult for an MFI to upscale significantly and maintain the accuracy and transparency of its loan portfolio without an MIS”.(PAGE?)
PERSONAL DIGITAL ASSISTANTS (PDA)
A personal digital assistant (PDA), also known as a palmtop computer, is a mobile device that functions as a personal information manager. MFIs employ PDAs to ease loan processing, improve loan officer efficiency, and increase data accuracy and access in the field. To get the maximum benefits from PDAs, MFIs should have a stable MIS, and high speed access to data from their branches (Waterfield, 2004).
SMART CARDS
Smart Cards are wallet-sized plastic cards have an embedded microchip that allows data storage, and works like an electronic passbook that allows MFI clients to carry all their related information on this microchip. Smart cards are used to manage savings accounts, disburse loans or make transfers (Whelan, 2004).
Reliable electrical power for card readers, software integration between card readers and the central management information system, together with processes, policies, and staff resources for handling lost, stolen or damaged cards are required prior to the introduction of smart cards (Whelan, 2004).
POINT OF SALE (POS)
Point of sale (POS) is a device or system often linked to computers, bank card readers, or even mobile telephones, that is located at a physical location such as a retail outlet, in order to perform an electronic transfer from one account to another or from a customer to a retailer. Some MFIs have implemented this technology in order to increase the security of financial transactions, reduce transaction cost in order to serve clients, and to reach new areas without branch infrastructure (Owens, 2009)
MOBILE PHONES
Mobile banking is a way for clients to perform balance checks, account transactions, payments, etc. using a mobile phone. Mobile phones provide a new and rapidly developing technological alternative delivery channels to extend financial services to those excluded from formal financial systems. Mobile phones allow clients to call into an automated system to conduct business transactions, and to access and request information.
Victorian government came up with a new idea of smart card ticketing transport system. This was also to collaborate the train, bus and tram services in Victoria. With this spark of idea in 2002, a project case and a feasibility study was
Now let us step to the other side of the Merchant counter as a consumer and realize how RFID can benefit the average person. Have you ever felt impatient when standing behind someone in line at the grocery store who insisted on paying by check? Well, get ready to get agitated at the slowpoke of the future—the techno challenged person using a credit card. Contactless cards, already used in Asia for several transit and payment systems, have been introduced to the United States via pilot programs sponsored by American Express and MasterCard. Thes...
For many years, Target has been hesitant to change credit card security and has shown little to no motivation to make changes. Due to the lack of security measures, hackers were able to steal the identities of many consumers. When credit cards are swiped, the transaction goes through the process of authorization, clearing and settlement. Each phase of the process entails the exchange of transaction data and money that needs to be settled and balanced. This process concludes when the cardholder pays for the goods or services listed on the monthly credit card statement. This is the current system that is used by Target. The company uses a customized version of the Hypercom Optimum L4150 High-Performance Multi-Lane Payment and Advertising Terminal which features a color glass touch screen that offers the brightest and the clearest interface for efficient interactive advertising at the point of sale (POS). “Global payment technology leader Hypercom Corporation delivers a full suite of high security, end-to-end electronic payment products and services” (CARTES & Identification, 2007). The benefits of this device and terminal included an advanced security structure which simplified hardware and application authentication, various privacy options which eliminated the need for add-on physical privacy shields that interfere with terminal usage by the consumer (CARTES &
credit or debit cards accessible in one easy location and it’s even got the extra security of the
In general terms, we see how the use of the VISA chip readers have recently finished and is now caught up in the transition. The use of technology with the computers, applications, payment machines for credit cards etc. has overall in its totality, had an absolute monumental effect of all stores, let alone Publix Supermarkets. The revenue increase along with the other marketing designs have changed and been revised. The important factor here is the investment in new technology and how it will affect the business. In looking at the financial aspect and how it will be beneficial, we see that there could be a rise in new state of the art architecture, infrastructure, integration platforms. Publix has the ability to reach new heights. The design of these applications will open doors for a more diverse environment and support financial EFT networks. In providing the right kind of tech support for all offices, retail, ware houses and hard are/software aspects could lead to more efficient logistics and increased revenue in the back of house so to speak. The different positions available in the technology department includes tech support analysis, IT tech support technician, programmer, systems engineer along with other
In this regard, they are also safe because the cards can be easily replaced, and only the owner of the card know the pin number to access its stored value. This takes care of the problem with cash; once it is stolen it is nearly impossible to trace and recover it.
In a typical day, cash is really only necessary for very small transactions, such as purchasing a morning paper, or buying a candy bar out of a vending machine. These "micro-transactions"{1} do not represent a significant enough exchange of value to cover the transactional costs of accepting credit or debit cards. A person still needs to carry enough cash for these micro-transactions. Currently, the way to get cash is to personally go to an automatic teller machine (ATM) for a withdrawal. "Digital cash,"{2} stored on "smart cards"{3} or personal computers, promises to make micro-transactions possible in both the everyday world and in cyberspace.
In this world of cashless transactions and e-transfers, it may be interesting to know about the invention of credit cards and how it came to be marketed as it is today:
Cell phones are packed with technology that make everyday operations much easier. These operations include checking the Internet, taking notes, listening to music, and checking
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...
The objective of this assignment is to explore the coffee market in UK and understand the consumer preferences with aid of data resources and the outcome it would have on a new brand of Mysore coffee in the competitive UK coffee market. As the premium sectors develop in the UK, greater emphasis is placed on Arabica beans, with marketing and pack support centered on the provenance and taste credentials of specific beans. Arabica is fast becoming synonymous with premium quality, and this is likely to lead to increased prices, particularly as some countries are seeking to trademark native bean varieties. For instant, Ethiopia applied to trademark two different Arabica beans in the US in 2006 - called Sidamo and Harar (Source Mintel, Report 2006). Arabica beans command a high price because tastes are particular to a growing location. Brazil is the world’s largest producer of Arabica beans. Erratic weather during the growing season 2006-7 led to market nervousness and prices reached around $2.66 per kg, up 16% since 2005 (according to data from the International Coffee Association).
As established by PCI DSS, our company needs to include different aspects to securely handle and store credit cards information. From the perspective of the Information Security Analyst we must to consider the following points:
Before diving into the smart card technology and security I want to first address the question of what smart cards are. According to CardLogix Corporation (2010) “A smartcard, typically a type of chip card, is a plastic card that contains an embedded computer chip- either a memory or microchip type- that stores and transacts data.” The website continues on about how the data and information is stored and managed from within the card.
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...
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...