Banking Cards
Request a QuoteModular supports migration of debit and credit cards from magnetic stripe to chip technology. Banking cards are used as direct credit, debit or stored value cards offering a bogus and tamper proof device. Banking cards are defined as a smart card for payment services including e-purse, credit and debit functions issued by financial institutions or banks. High fraud rates have necessitated the use of these smart banking cards. The adoption of smart banking cards had increased rapidly in recent years. The banking card is printed with the host bank s logo, contains an embedded ST Microelectronics NV microchip and conforms to the CC1000 SchlumbergerSema operating system. This intelligent microchip placed on the card and the card readers use mutual authentication procedures that protect users, merchants and banks from fraudulent usage. Modular provides these debit and credit smart cards which is standard and committed to all future standard enhancements. Following are a few features of a banking card: Multipurpose: Banking card serves as ATM card, e-Debit card and e-Purse. Targeted: The in built security feature determines the access to information and the person to authorize the transaction. Secure: The data in the card can be accessed or modified by an authorized Security Access Module (SAM) only. This SAM resets each time a new bank card is used. Whenever the card is inserted into a device utilizing a SAM, the system requires the card to verify the SAM and the SAM to validate the card in order for authentication to occur. Updateable: The capacity of the card accepts post issuance data without recalling the card from card holders. This is a major advantage over other cards in the market. Efficient: This card replaces cash and allows the card holder to make purchases with any number of participating vendors very efficiently. Card holders can also withdraw funds, transfer funds, or make bill payments since transactions occur quickly. Following are a few services rendered by a banking card: ATM Card: Banking card offers the same services (cash withdrawal, fund transfers, bill payments and account balance information) as the magnetic strip ATM cards but with a much higher level of security. e-Debit: e-Debit is a cashless payment system whereby purchases or bill payments are deducted directly from the cardholder s bank account and transferred into the retailers or service company s bank account. MEPS Cash: MEPS cash is an electronic purse application that allows card holders to load electronic monetary value directly from their accounts onto their banking cards where the money is stored and handled electronically. An electronic purse is a convenient alternative to cash when it comes to low value transactions or where exact change or coins are required (vending machines, public transport, parking meters, and so on). MEPS cash has an advantage of cash with security and convenience. Following are a few advantages of banking card: Elimination of Cash-Based Systems, easy to replace cash transactions and requires less maintenance than magnetic stripe readers and currency feeds. Improved customer service with fast, 24-hour electronic fund transfers Low rates of fraud with enhanced security. Increase trust through improved security. Costs are reduced as managed electronically More reliable and robust User-friendly for easy interface with the intended application. Can be handled like the familiar magnetic stripe bank card, but more versatile. Susceptible to chip damage from physical abuse, but more difficult to disrupt or damage than the magnetic stripe card Highly secure and difficult to duplicate or disrupt information.