Make banking more convenient with ATMs and debit card. Certain payment or loyalty cards also let you earn rewards or entries to contests, but they do add up. They make your wallet unnecessarily thick and heavy.
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Perhaps it is time to swap the system again; this time, for something that you have always been carrying around: your smartphone Digital wallets can help take you there. They are smartphone apps that hold your payment and loyalty card information. Google Wallet Instead of tapping your credit card on the NFC machine at the checkout counter, all you have to do is wave your smartphone or tap it on the machine to make your payments.
For this to work, Google Wallet requires Near Field Communication NFC technology available, which unfortunately is only available on certain smartphones and tablets. You add passes through apps that support Passbook link opens iTunes. So instead of bringing your grocery coupons and stack of loyalty cards wherever you go, you can store it in Passbook. Unlike Google Wallet, you cannot use your debit or credit card for purchases in-store, however you can use Bill Guard to view your bank balance and other related information on your iPhone. Money in your bank account is converted to a digital code.
This digital code may then be stored on a microchip, a pocket card like a smart card , or on the hard drive of your computer. The concept of privacy is the driving force behind digital cash. The user of digital cash is assured an anonymous transaction by any vendor who accepts it. Your special bank account code can be used over the internet or at any participating merchant to purchase an item.
Everybody involved in the transaction, from the bank to the user to the vendor, agree to recognize the worth of the transaction, and thus create this new form or exchange. Currently, very few banks like Citibank offer this facility to their customers at select ATM centres across the country. Unlike an ATM, which is primarily used for cash transactions like withdrawals, deposits, etc. The number of transactions a particular location is expected to be able to support is key here along with the types of transactions required. This is a simple, secure, safe, fastest and cost effective way to transfer funds especially for Retail remittances.
The facility is also available through online mode for all internet banking and mobile banking customers. For corporate customers, bulk upload facility is also available at branches. The beneficiary account receives the funds transferred, on a real time basis. The bank branches, both at the initiating and receiving end, have to be RTGS- enabled for the transaction to be processed.
IMPS: Using IMPS, a relatively newer service, users can transfer money immediately from one account to the other account, within the same bank or accounts across other banks. This can be payments for utility bills, mobile or DTH recharge, credit card bills, grocery bills, travel ticketing, online shopping and even educational institutes fee payments through this channel. Advantages to mobile banking include the ability to bank anywhere and at any time. Disadvantages include security concerns and a limited range of capabilities when compared to banking in person or on a computer.
This data is usually associated with either value, information, or both and is stored and processed within the card's chip. The card data is transacted via a reader that is part of a computing system. Systems that are enhanced with smart cards are in use today throughout several key applications, including healthcare, banking, entertainment, and transportation.
All applications can benefit from the added features and security that smart cards provide. Markets that have been traditionally served by other machine readable card technologies, such as barcode and magnetic stripe, are converting to smart cards as the calculated return on investment is revisited by each card issuer year after year. The term is most commonly associated with airline issued tickets. Electronic ticketing for urban or rail public transport is usually referred to as travel card or transit pass. It is also used in ticketing in the entertainment industry.
An electronic ticket system is a more efficient method of ticket entry, processing and marketing for companies in the railways, flight and other transport and entertainment industries. United Airlines was the first airline to issue electronic tickets, back in The industry was missing out on an opportunity to save costs and make travel for passengers easier. At the time, many believed this was an unrealistic goal.
A Dematerialized account is opened by the investor while registering with an investment broker or sub-broker. The Dematerialized account number is quoted for all transactions to enable electronic settlements of trades to take place.
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Every shareholder will have a Dematerialized account for the purpose of transacting shares. Access to the Dematerialized account requires an internet password and a transaction password. Transfers or purchases of securities can then be initiated. Purchases and sales of securities on the Dematerialized account are automatically made once transactions are confirmed and completed. What is Dematerialisation of Shares? Demat stands for dematerialisation.
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Dematerialisation is the process of converting physical financial instruments such as share certificates, mutual fund investments, and bonds into electronic form. An Investor who needs to dematerialise his shares needs to open a demat account with Depository Participant. This physical shares are then surrendered by the investor and in return he gets electronic shares in his demat account. A demat account is similar to a bank account. When you receive your bank statement, you will see 2 columns — deposits and withdrawals of money and balance money in the account on the last day of the statement.
Similarly, a demat statement will show the investments you have bought, sold and the balance investments held on the last day of the statement.
Now you may wonder — where do I open a demat account? When you want to buy equity shares, you approach your bank or an equity share broker. The broker will open the demat account for you along with the brokerage account. When you buy and sell securities, the broker will have the securities deposited into or moved out of the linked demat account. You will also need to link your bank account to the brokerage account for transfer of funds when you buy and sell shares, and for payment of related costs.
If the broker is a depository participant who is authorized to open and maintain demat accounts , the broker will open your demat account and maintain it in-house. However, if the broker is not a DP, your demat account will be opened with a DP the brokerage house is associated with.
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The process of submitting tax returns over the Internet, using tax preparation software that has been pre-approved by the relevant tax authority, such as the IRS or the Canada Revenue Agency. E-filing has manifold benefits; the taxpayer can file a tax return from the comfort of home, at any convenient time, once the tax agency begins accepting returns. A bank issues a demand draft to a client drawer , directing another bank drawee or one of its own branches to pay a certain sum to the specified party payee.
However, demand drafts are difficult to countermand. Demand drafts can only be made payable to a specified party, also known as pay to order. But, cheques can also be made payable to the bearer. Demand drafts are orders of payment by a bank to another bank, whereas cheques are orders of payment from an account holder to the bank. But when it comes to your money, you want to make sure your transactions are safe.
Security of a customer's financial information is very important, without which online banking could not operate. Presently, Internet banking customers only need a computer with access to the Internet to use Internet banking services. Customers can access their banking accounts from anywhere in the world.
Each customers is provided a login ID and a password to access the service.
It is indeed easy and convenient for customers. However, the use of password does not provide adequate protection against Internet fraud such as phishing. The problem with password is that when it has been compromised, the fraudsters can easily take full control of online transactions.
In such cases, the password is no longer works as an authentication token because we cannot be sure who is behind the keyboard typing that password in.
However, easy access and convenience should not be at the expense and mercy of the security of information. This is important in order to ensure the confidentiality of information and that it is not being manipulated or compromised by the fraudsters. In this lesson, we will review strategies you should employ when dealing with money and the Internet.
You will learn how to make sure a website is secure, including checking the SSL certificate. In addition, you'll learn the steps you need to take to make shopping online a safe and enjoyable experience.
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Previously, the threats were all passive such as password guessing, dumpster diving and shoulder surfing. This happens when users visited certain websites and downloaded programs.
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As they are doing this, key logger program is also installed on their computer without their knowledge. Here, the attacker creates a fake website and catches the attention of users to that website. Normally, the attacker was able to trick the users by disguising their identity to make it appear that the message was coming from a trusted source.
The information keyed in during that session will be captured and the fraudsters can make their own transactions at the same time. One of the primary methods a hacker gains access to account information is through phishing, or tricking the victim into giving up the information voluntarily. A hacker might send an e- mail or even call, pretending to be a representative of the bank and informing you about some irregularities with your account.