on what principle does the ATM card with magnetic strip work ? write another application that works on the same rule
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Answer:
An ATM card is a payment card or dedicated payment card issued by a financial institution which enables a customer to access automated teller machines (ATMs). ATM cards are payment card size and style plastic cards with a magnetic stripe or a plastic smart card with a chip that contains a unique card number and some security information such as an expiration date or CVVC (CVV). ATM cards are known by a variety of names such as bank card, MAC (money access card), client card, key card or cash card, among others. Most payment cards, such as debit and credit cards can also function as ATM cards, although ATM-only cards are also available. Charge and proprietary cards cannot be used as ATM cards. The use of a credit card to withdraw cash at an ATM is treated differently to a POS transaction, usually attracting interest charges from the date of the cash withdrawal. Interbank networks allow the use of ATM cards at ATMs of private operators and financial institutions other than those of the institution that issued the cards.
ATM cards can also be used on improvised ATMs such as "mini ATMs", merchants' card terminals that deliver ATM features without any cash drawer.[1][2] These terminals can also be used as cashless scrip ATMs by cashing the receipts they issue at the merchant's point of sale.[3]
The first ATM cards were issued in 1967 by Barclays in London.[4]
ATM card works on the principle of magnetization. Another card which use the same rule is access key cards of hotel rooms.
- ATM card is a magnetic stripe card. It is a plastic card with a magnetic strip attached to the surface of it.
- The magnetic strip attached to the card is made up of tiny iron-based particles.
- They can be magnetized in different directions by a device to store the information.