Virtual Money ATM cards

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Running Head : Virtual Money ATM Cards

Virtual Money ATM Cards

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Virtual Money ATM Cards

The advent of information technology has witnessed the rise of plastic and smart cards . Electronic cash has become the new buzzword . It will be an inexpensive means to handle small payments . Virtual money ATM cards are also a form of electronic cash . There have been calls for the creation of a regulatory structure . Supply is equal to demand has been

br the concept behind the use of money in economy

The Internet is emerging as an efficient delivery channel for financial services . With Internet banking , customers do not need to have special bank-issued software . Banks maintain their identity and can differentiate themselves by customizing the services and information they provide over the Internet . Increasingly , customers are demanding more convenient ways to do their banking . Banking transactions are increasingly becoming electronic as shown by the rapid use of ATMs telephone banking and home banking accounts

Customers are also demanding a more sophisticated mix of products tailored specifically to their financial needs , and non-bank competitors are better fulfilling these needs . Banks today hold only 20 of household financial assets , versus 34 twenty years ago they have 30 of business deposits , versus 42 only seven years ago . Nonbank credit card providers have gained inroads against banks , holding a 25 market share versus 5 in 1986

Picture a bank without any branches . No tellers . No rows of desks . No racks of brochures , no automated teller machines outside . Picture , in fact , a virtual bank , one that for the customer exists only in his or her office or home , as images on a computer screen . US financial institutions are moving towards 'virtual banking ' This strategy is about making bank products and services available to customers any time and any place they want them . As virtual banking becomes more popular it is very likely that more customer service will be seen while the number of traditional teller-staffed branches will decline . Bank customers will move away from traditional banking and will become more dependent on electronic transactions using ATMs or PCs (Burton , 2004

Thanks to the revolution , financial institutions are using software programs , online services , and even the Internet to allow customers to check balances , pay bills , and transfer funds among accounts , Bankers promise that , in the near future , we will also be able to more easily buy certificates of deposit , mutual funds , and other investments , and even apply for loans electronically . Virtual money ATM cards have recently been launched to act as debit cards . The value of these cards is equal to the amount of money which is loaded onto the card . An increase in funds results in increase in value while withdrawal of funds for cash results in a decrease in value . The card is useful for people who want to keep track of their spending . People don 't need to carry cash because of...