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    Poonish Navlani
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    This document discusses innovations in credit cards over the past year to address issues from the credit crunch. Some innovations discussed include phones that can act as credit card scanners, sub-limit cards, chip and PIN technology, pay-per-transaction plans without monthly cycles, and card 2.0 with improved security and multiple account linking. Additional proposed features discussed are fingerprint authentication, wonder chips connected to users' SIM cards for card tracking, and phone confirmations for transactions.

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    This document discusses innovations in credit cards over the past year to address issues from the credit crunch. Some innovations discussed include phones that can act as credit card scanners, sub-limit cards, chip and PIN technology, pay-per-transaction plans without monthly cycles, and card 2.0 with improved security and multiple account linking. Additional proposed features discussed are fingerprint authentication, wonder chips connected to users' SIM cards for card tracking, and phone confirmations for transactions.

    Copyright:

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    Download as PDF, TXT or read online from Scribd
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    13 views15 pages

    Credit Card

    Uploaded by

    Poonish Navlani
    This document discusses innovations in credit cards over the past year to address issues from the credit crunch. Some innovations discussed include phones that can act as credit card scanners, sub-limit cards, chip and PIN technology, pay-per-transaction plans without monthly cycles, and card 2.0 with improved security and multiple account linking. Additional proposed features discussed are fingerprint authentication, wonder chips connected to users' SIM cards for card tracking, and phone confirmations for transactions.

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    of 15

    CREDIT CARD INNOVATIONS

    BANKING & INSURANCE SYBMS SEMESTER 3

    Monday 11 July 2011 1

    INTRODUCTION
    Small Plastic Card issued to users as a system of

    payment.
    Relies on the principle of Promise to Pay. Issued by Banks or Credit Unions. Organizations earn money through defaulters.

    Monday 11 July 2011

    CREDIT CRUNCH
    Large unpaid amounts by customers. Beyond an acceptable limit. Forces companies to target the higher strata of

    societies.
    Hence the need of innovations.

    Monday 11 July 2011

    INNOVATIONS (PAST YEAR)

    Phone acts as credit card scanner. Sub Limit Cards. Chip & Pin. Pay Per Transaction. Card 2.0.

    Monday 11 July 2011

    PHONE ACTS AS A CREDIT CARD SCANNER

    Iphone/Android phones come up with new app Credit card scanner attached through the headphone

    jack
    Eliminates hassle of entering details

    Monday 11 July 2011

    SUB LIMIT CARDS


    A new innovation to the already existing add on card

    facility.
    Setting a credit limit on the add on card. Hence ensures no misusage.

    Monday 11 July 2011

    CHIP & PIN

    Ensures security. Provision of a PIN number which acts like a password. Dip Machine.

    Monday 11 July 2011

    PAY PER TRANSACTION


    No monthly cycle 45 days credit period Interest free loan from the date of every transaction

    Monday 11 July 2011

    CARD 2.0

    Use of 2G technology. Better Security. Links multiple accounts to a particular card. Pay through reward points.

    Monday 11 July 2011

    WHAT MORE A CREDIT CARD NEEDS

    Monday 11 July 2011

    10

    FEATURES
    Finger Print Authentication Wonder Chip Phone Confirmation

    Monday 11 July 2011

    11

    FINGER PRINT AUTHENTICATION

    Ensures security in credit card transactions Allows only the owner of the credit card to use it Add on cards has finger prints of those users

    Monday 11 July 2011

    12

    WONDER CHIP
    Chip inserted in the credit card It is connected to the sim card of the user User activates the GPS tracker through the phone Helps track the credit card in case of theft or loss The chip also enables the user to deactivate the credit

    card

    Monday 11 July 2011

    13

    PHONE CONFIRMATION
    Entails the user to confirm his/her transaction Ensures security of usage Keeps a check on the transactions of the add on users

    Monday 11 July 2011

    14

    CREDITS

    SHREYA AGGARWAL JAWAD BIRYA MONIL PARIKH TARANG DAYANI KHUSHBOO JAIN AKSHAY NAMBIAR JHUHI BATHEJA NAKUL WALINJKAR RAHUL JOGANI ANANYA PANDEYA

    3 10 13 17 22 43 47 58 63 66

    Monday 11 July 2011

    15

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