Credit And Debit Card Processing Eco System

As technology advances over the years, we have experienced and noticed that the trend in how payment are received have shift tremendously. Twenty years ago, check was the preferred way of payment. In today’s world, more and more payments are done by credit cards. Credit card transactions are instance that provides a faster payment method.

MasterCard Incorporated is one of the world’s premier credit card processing and money transfer companies in the world. It is the second major payment company in the United States. They focus on making payment transactions safer and beneficial to the society while delivering value through their innovation and execution. MasterCard has three main competitors, Visa at the very top, American Express, and Discover. Visa Inc. has the largest market share of 13.7 percent in the United States with revenue of $12,702 million in 2014. In the same financial year, MasterCard Inc. has recorded total revenue of only $9,473 million and 7.3 percent of total market shares. MasterCard’s SWOT analysis revealed its strength of being the world’s second

The future of payments is current shifting to another path with how technology is changing and is currently modifying how we process our payments and how we store data. It is going away from low-tech and paper based tools, expensive and bulky registers, and physical card swipes. And it is introducing and renovating online commerce and online payment. This is happening due to the decrease of money supply and checks in the current market because people are starting to pay more and more there bills online. As the economy improces and corporations and business gets larger they have started a large-scale implementation of processors in electronic payment technology in their business ands services. Also, credit and debit are growing amongst consumers and it has been the highest that it has even been in history.

Visa Inc. (VN) operates the world’s largest retail electronic payments network and manages the world’s most recognized global financial services brand. Visa has more branded credit and debit cards in circulation, more transactions and greater total volume than any of their competitors. They facilitate global commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses and government entities. They provide financial institutions, their primary customers, with product platforms encompassing consumer credit, debit, prepaid and commercial payments. Visa Net, their secure, centralized, global processing platform, enables them to provide financial institutions and

Assisted a PwC team’s effort to develop recommendations to modernize a large US based custody bank’s core banking and payments platforms (i.e., wire transfer, ACH). During this engagement I assessed payment technology options and helped determine the costs and benefits of various investment scenarios. The client is currently leveraging our deliverables and recommendations to perform an in depth review of a subset of modernization options

Any discrepancies are required to be sorted before final authorization. This feature of P-Cards shifts partial responsibility from account payable to card users and promotes cost savings for the university. However, the process requires a successful ecommerce platform that can integrate with the financial record planning system of the university and record each transaction to simplify the reconciliation process. UVic currently uses BMO internal solution to capture the transaction information but doesn’t provide much support in terms of cross verification and reconciliation. This explains the second important problem that is required to be addressed for an effective and successful commercial card payment

Plastic money is in vogue in today's economy. Paying for what you buy through your credit card is fashionable and convenient. But credit cards are growingly becoming a matter of immense concern thanks to the problem of card debt. The problem of credit card debt arises when consumers buy something swapping their card but are unable to repay the money to the card company within the stipulated time period.

Visa is a company with high market share and as the first card network in the United States, they are already experienced in this industry. Internally, the company has already created a system that sticks or rather an operating system that makes them the top player in this industry. However, externally, there is inevitable change and opportunities that the company should address.

During the past decade, we have undergone enormous changes in the way that we conduct business. ATM check cards, credit cards, and preferred customer cards are the most common buying tools today. Check, or debit, cards are ATM cards that function just like cash. Customers can now make payments with their check cards

Online payment processing services perform transactions at a much greater speed than manual processing. As well as ensuring error-free computations and faster processing time. Which means

IT is additionally changing the way of associations by giving chances to roll out basic improvements in the way they work together. The innovation is evolving quickly, with figuring velocities and the quantity of transistor equivalents accessible in a given territory of a chip both multiplying more or less at regular intervals. Associations are gaining more innovation frameworks to aid in everything from assembling to the administration of data to the procurement and change of client administration. Outfitting and facilitating this registering force is the test. New instruments and creative points of view with which to look at, translate, and understand these quickly developing situations are constantly required and looked for (Beard, 1996).

As per Ministry of Finance Report (December 2016) on Digital payment, financial inclusion is one of the foremost challenge facing India . 53 percent of India population had access to formal financial services . In this context , digital payment can act as accelerator to financial inclusion (KPMG 2017) . Increasing availability of mobile phone , availability of data network infrastructure , rollout of 3G & 4G network and large merchant eco system are the critical enablers of digital payment in India . It is further supported by the coordinated efforts of industry , regulator and government. As per RBI’s report ‘Vision 2018’ four pronged strategy focusing on regulation, robust infrastructure , effective supervisory mechanism and

In the beginning, when Orkut started its social media era in 2004, I never thought there would be something better for social media, but then came Facebook. It heard about Square, PayPal, Apple Pay, and Google Wallet? Advent of these applications isn’t complete digital yet. These electronic cards shift us to a complete digital era. Never imagined technology would go so far that something advanced than applications for payment would ever come, but electronic cards storing all your cards is a whole new level.

The market for payment processing terminals manufacturing and payment processing has been globally duopolistic until recently. This was dominated by the two companies established in 1980’s, Verifone, based out of the US and Ingenico, based out of France. Traditionally, the industry was marked by entry barriers in the form of high initial capital requirement, a high research, development and innovation requirements and long gestation period required to obtain certification in a country. These entry barriers helped Ingenico and Verifone to dominate the global POS market. In addition, over the period these companies built a strong collaboration with payment processing companies such as Visa and MasterCard for the development of new technologies and eliminated potential competition through the acquisition of firms developing innovative technology. Duopolistic

The development of debit cards, unlike credit cards has generally been country specific resulting in a number of different systems around the world, which were often mismatched. Since the mid-2000s, a number of initiatives have