¶ … History of Credit Cards The first issuers of credit cards were post-World-War I-era merchants whose customers began arriving from more distant locales by the first automobiles that were widely available to ordinary Americans (Stephy, 2009). Originally, they were intended to allow customers to make payments on unplanned purchases without having to return to their homes to retrieve their cash or their checkbooks (Stephy, 2009). In issuing credit cards, department stores and hotels were actually following the practice first introduced in modern times by gasoline service stations; they began issuing credit cards precisely because their products and services were most in demand by consumers who were too far from home to expect them to go back home for their money (Woolsey & Starbuck-Gerson, 2009). Initially, those credit cards were issued by individual gasoline companies and they were only good for those specific chains (Woolsey & Starbuck-Gerson, 2009). Even that practice had much earlier roots, dating the better part...
Biggin's card was much more restrictive than modern credit cards because it was only available for customers who maintained bank accounts at the issuing bank. Still, in principle, they worked the same way as modern credit card: namely, customers presented their cards to merchants and the banks guaranteed the payment to the merchant and then settled up the account later with the customer (Woolsey & Starbuck-Gerson, 2009). Several years later, in 1950, Diners Club began issuing the first credit card that more closely…
292). The Depression of 1893 Following hard on the heels of the depression that had taken place just two decades previously, the precise causes for this economic downturn remain unclear. In this regard, Steeples and Whitten (1998) advise, "There is no adequate account of the causes of the depression of 1893 -- 1897 or, by implication, of the crisis itself" (p. 6). These authors, though, cite fundamental shifts in demographics in
Said Mr. Harris: "We are always looking at new ways to reach our customers through innovative digital platforms." Mobile works well since "There is rapid growth in mobile devices supporting more and more of the everyday tasks that people want to perform." Another highly successful mobile application has been that of American Express' Android version of its free mobile app, which has had more than 1 million views since 2011.
Third, the information systems implications also need to concentrate on how to manage pricing and discounting across product groups and also across payment methods. This is an area where small businesses can gain significant competitive advantage and one that is consistently ignored or not undertaken at all. For the payment card strategies in small businesses to be profitable, information systems, specifically applications, need to be created and managed to ensure
The rates of reduction of these cases were noted to be about 20% per year as from 2004 when the standards were introduced (UK Payments Administration LTD 2009). The exact phenomenon observed is as indicated in Appendix A. Mechanism The mechanism involved in the protection of the card details by means of the EMV technology is discussed by various scholars and organizations. SPA (2010, 1) clearly explains that the need for
This researcher rejects the existence of online communities because computer mediated group discussions cannot possibly meet this definition. Weinreich's view is that anyone with even a basic knowledge of sociology understands that information exchange in no way constitutes a community. For a cyber-place with an associated computer mediated group to be labeled as a virtual settlement it is necessary for it to meet a minimum set of conditions. These are:
The onus of who is responsible, the consumer, the private institutions, or even the government will come into question. A brief revue of the history of the credit card is also in order since the use of "plastic" money has certainly contributed to the identity theft crisis. Past and current legislation will be analyzed regarding this new crime in both its cyber and analog presentations. Lastly, an opinion and
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