Question

Short conclusion on money and credit

Answer 1

In this report, we discussed how the new payment methods impact on banks in three cate gories. Here, we summarize them and triy to make suggestions to banks for survival. Transactions between the individuals would be mademore convenient by the emergence of Mondex-type smart cards. On the other hand, banks will losefees for person-to person money transfer and fees for ATM transactions. Though adoption rate of the smart cards can not bepre dicted, banks have to look at other business functions by aggressively join smart cards projects. As the smart cards proliferate, they would make money by issuing the smart cards and transfer money from banking account to the cards Emerging methods for transactions between consumer and company can be divided into three methods- (1) expansion of credit card method, (2) Digital Check and Internet Banking and (3) Smart Card and Digital Money. The impact to the banks are different in each cases.

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