Presente

r:Srikant Mohanty

A Tour to our credit card system

WHAT DO WE MEAN BY CREDIT CARD

A credit card is a thin plastic card, usually 3-1/8 inches by 2-1/8 inches in size.

It contains identification information such as a signature or picture.

It authorizes the person named on it to charge purchases or services to his account -- charges for which he will be billed periodically.

The information on the card is read by automated teller machines (ATMs), store readers, and bank and Internet computers

HOW CREDIT CARD

A user is issued a credit card after an account has been approved by the credit provider (often a general bank, but sometimes a captive bank created to issue a particular brand of credit card, such as American Express (Centurion Bank), with which he or she will be able to make purchases from merchants accepting that credit card up to a established credit limit

When a purchase is made, the credit card user agrees to pay the card issuer. Originally the user would indicate his/her consent to pay, by signing a receipt with a record of the card details and indicating the amount to be paid, but many merchants now accept verbal authorizations via telephone and electronic authorization using the Internet

WORKS

Electronic verification systems verify that the card is valid and the credit card customer has sufficient credit to cover the purchase in a few seconds, allowing the verification to happen (using a strip of magnetized material on the card holding information in a similar manner to magnetic or a floppy disk) to at time of purchase.

Other variations of verification systems are used by e-Commerce merchants to determine if the user's account is valid and able to accept the charge.

Contd..

Demerits of credit cardSecurity

The information on a magnetic strip can be read, altered or duplicated using a variety of devices

require signatures

someone can see the account number and name on our card.

Contact less technology

Credit card processing blink cards is an innovation designed to make cashless consumer purchases faster, unique and fun to do while boosting sales for retailers.

Instead of traditional credit card processing involving a swipe of a card, increasingly perceived as taking too much time by both consumers and retailers, all that’s required is a quick wave of a card near a check stand reader to complete the transaction.

How do we use blink

Once our purchases have been totaled , we should hold our card up to the special reader at the checkout.

Watch for the series of lights on the reader, listen for the tone, and then remove your card.

Wait for transaction approval and you are finished.

Sample card readers

What is blink card The new blink credit card is just like a regular

credit card in many ways . It has the account holder’s name and the account number embossed on the front of the card.

On the back is a magnetic strip containing the account information ,so the card can be used anywhere regular credit cards can be used . The key difference is inside the card.

Embedded within the blink card is a small RFID(radio frequency identification)microchip . When the chip is close enough to the right kind of terminal ,the terminal can get information from the chip– in this case account number and name.

Cont.. So instead of swiping the magnetic strip on the

card through a standard credit-card reader ,card holders simply hold their card a few inches from the blink terminal . The card never leaves the card holder’s hand.

As with standard credit-card transactions ,the terminal then sends the information via phone line to the bank that issued the card and checks the account balance to see if there is room on the card for the purpose.

If there is, the bank issues a confirmation number to the terminal, the sale is approved and the card holder is on his or her way.

Courtesy Chase

Blink card and RFID

.

Credit card using blink technology uses a specific kind of RFID developed under International standard 14443.

ISO 14443 has certain features that make it particularly well-suited to applications involving sensitive information , such as credit card account numbers:-----

Data transmitted by ISO 14443 chips is encrypted.

The transmission range is designed to be very short ,about 4 inches(10 cm) or less.

Cont..

Instruction sets built into the processor encrypt the data during transmission

As a result ,ISO 14443 is used in more than 80% of contact less credit card transactions world wide

To understand how the contact less card and terminal work together ,first we have to talk about induction.

Induction now a blessing in blink

Each blink card contains a small microchip as well as a wire loop .

The blink terminal gives off a magnetic field in the area around it. When a blink card gets close enough, the wire loop enters the terminal's field, causing induction.

The voltage generated by the induction powers the

microchip.

FIGURE OF BLINK TECHNOLOGY

WITHOUT INDUCTION Without this process, called inductive coupling,

each blink card would have to carry its own power supply in the form of a battery

i. Which would add bulk and weight ii. could eventually run out of power.iii. As now the power is supplied by the terminal,

the blink system is known as a passive system

Once the blink card has power flowing to it from the terminal, the processor then transmits information to the terminal at a frequency of 13.56 MHz .

Security The encryption built into a blink card make this

particular form of theft impossible. Using the blink card allows the user to keep the card in

his or her hand the entire time. This could prevent someone from seeing the account number and name on the card.

A signature is not required when using a blink card, which leads to security concerns.

Sending the credit-card data to a terminal via a radio signal is much more Secure.

Never leave customers' hands, they also will solve the problem of people driving away without their cards.

Contd.. Eliminate the time customers spend waiting for

cashiers to make change; Are completed up to 25% faster than those done

with cash; Can be up to 40% faster than other payment

methods at locations such as quick-service restaurants, drive-thrus and movie theaters.

Zero liability for fraudulent transactions. The ability to track account details online at

Chase.com. No need to hand over the card to a cashier; No risk of an accidental card reading because

consumers must hold the card within 1 to 2 inches of a reader to conduct a transaction

Additional security measures

Problem 1: In some cases, if two or more terminals are close

together, not only both terminals read the card, but the read range of each terminal increased to as much as 30 feet (9 m) .

some people are worried that they could accidentally walk too close to a terminal and end up paying for someone else's purchase

Suggestion : The simplest safeguard against this is probably

merchants positioning the terminals in such a way as to make this unlikely.

Chase Bank's 'blink' technology allows customers to wave a card in front of a sensor instead of swiping

or handing it to a cashier

Current News About Blink Tech.Hawking adopts blink technology:-

PROFESSOR Stephen Hawking is using a new gadget to communicate by blinking - due to his deteriorating health.

The world famous physicist, 63, who is Britain's longest surviving sufferer , has for years used one hand to control the computer system which operates his voice . But his hand is getting weaker and he is now using a new high-tech gadget, which allows him to control the computer simply by blinking his eye.

ConclusionConsumers now use credit cards with blink to make purchases just as often as they use cash credit card use continues to grow .very soon it will be widely used. The card readers have a built-in safeguard that prevents more than one card from being read at a time, and purchases above $25 require a signature as an extra security measure.

Blink technology has future scope in mobile and healing diseases.

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