Credit cards:
Credit card is a card provided by different banks to the consumer and these banks lend money to the consumer or users. The credit card system is a type of retail transaction settlement and credit system. It is a plastic card issued to the users by the banks. The credit card and debit card are same in appearance but in debit card amount is removed from each transaction where as credit card money is lent by the banks. Recently we found a technology where we can even store amount in the accounts with the help of debit cards but this facility is unavailable in credit card system. Most of the credit cards of the same shape and size as specified by the ISO 78 10 standard. The credit card was first used in 1920's in U.S.A specifically to sell fuel to many automobile owners. On this card we find some numbering scheme. In earlier days of credit card due to low security feature the card presented countless opportunities for fraud. This opportunity has created a huge black market in stolen credit card numbers which are quickly used before they are reported stolen.
Smart cards or debit cards:
Which are capable of holding much information than that of magnetic tapes. These are of two types.
1. Relationship based smart cards and 2) Electronic purses the best example is non index electronic currency card.
Visa:
EDI stands for electronic data interchange. It is the computer to computer exchange of structured information by agreed message standard from one computer application to another by means and with a minimum of human intervention. In common usage EDI is understood to mean specific interchange methods agreed upon by national or international standard bodies for the transfer of business transaction data, with one typical application being the automated purchase of goods and services. EDI documents contain the same data that would normally be found in a paper document used for the same organizational function. EDI helps in time saving it reduces the paper cost. It simplifies inter department communication it saves the costs for company helps in quick and efficient communication.
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