Nowadays, people can limit their spending with their prepaid cash card that load funds onto the card and use the money. Obopay, one of the prepaid cash cards that are similar as debit cards because both are using existing money rather than borrowing. However, personal identification number has to be keyed in for the transaction to be authorized if using prepaid cash cards. It is considered as most secure and safe financial transaction card because can it likes a portable access point to checking account. Nevertheless, it could not use for online shopping and in “quick pay” terminals that have a card reader but no keypad to enter a personal identification number. Pre-paid Vista Cash Card is issued by Four Oaks Bank & Trust Company that given the opportunity for consumers with poor credit record and young children by not spending more than the balance on the card. Visa permits travelers access to money at automated teller machines in 65 countries and book the train tickets by offering prepaid cash card such as Metro Card in New York City.
Touch ‘n Go (TnG) smart card is used by Malaysian for electronic payment system to toll expressway and highway. It is expanding its business to retail purchase by starting with fast food industry that enables consumers to buy dough nut, burger or fast-food from 21 outlets such as Burger King, 7-Eleven, Dunkin’ Donut. It is imitating the success of Hong Kong’s Octopus Card by setting 5 to 10% of the card holders for retail purchase as current target of the company.
Octopus Card was launched in Hong Kong on year 1997, September. It is a rechargeable contactless stored value smart card to transfer electronic payments in online in offline system. It is widely used in payment system for transportation, supermarkets, fast food restaurant, car parks and other pint of sale application such as service station s and vending machines that have achieved good outcomes.
Credit card debt is an example of unsecured consumer debt, accessed through ISO 7810 plastic credit cards. Debt results when a client of a credit card company purchases an item or service through the card system. Debt accumulates and increases via interest and penalties when the consumer does not pay the company for the money he or she has spent. The results of not paying this debt on time are that the company will charge a late payment penalty and report the late payment to credit rating agencies. Being late on a payment is sometimes referred to as being in "default". The late payment penalty itself increases the amount of debt the consumer has. When a consumer has been late on a payment, it is possible that other creditors, even creditors the consumer was not late in paying, may increase the interest rates the consumer is paying. This practice is called universal default.
Causes of credit card debts (10)
1)Less Income, More Expenses
It so happens that the main breadwinner of the household loses his job but monthly expenses are not cut down in line with the reduction in income. This obviously leads to a rise in debt. The family is forced to use their credit cards for groceries, utilities, etc.
2) Saving little or not at all
You should save for at least 4-6 months of living expenses in case an unfortunate tragedy happens. For example, if you lose your job on June 1st, you shall have enough money to maintain your current lifestyle till December 1st of that year. Until December 1st, you can find yourself new employment or open your own business. You will often hear the phrase "Pay Yourself First." Having enough savings for a rainy day is always a worthwhile investment. Do it and you shall be better off!
3) Divorce
Fees for the divorce attorney, division of assets between you and your spouse, proceeds given to children, etc are an easy way to rack up a huge debt. Filing for a divorce may force you to quit working for sometime which leads to reduction in income.
4) Poor Money Management
Poor money management is one of the best reasons why so many families accumulate lots of debt. Not having a monthly spending plan and not keeping track of your monthly bills makes you unaware of where your money is going. You might be spending hundreds of dollars every month towards items that are useless and have no value in your life, yet you do not realize it.
While your money is going towards purchasing useless items, you might also be charging your necessary purchases on your credit card, forcing you to pay interest on these purchases every month.
5) Hoping to win the lottery
Most people hope to win the lottery but the chances of that happening are 0%. Do not spend tomorrow's saved money today just because you expect a promotion in your job or are expecting an inheritance from a deceased grandfather. We all know life is unfair and things can go wrong more easily than going right.
6) Underemployment
If you are underemployed meaning you are not getting enough working hours at your job, you should also cut down on your lifestyle to match your current income. Forget about driving a BMW if you are working only 30 hours a week at the Home Depot making minimum wage.
7) Big medical expenses
While you need treatment now, you do not have the cash. So what do you do? You use your credit card because you do not have enough savings in the bank. In the end, it became a burden if you cannot pay off the bill that increases every month.
8) Financial Ignorance
Important topics such as saving and investing your personal finances are not taught in school. It's on you to learn to save for a rainy day, as well as manage your money so you can own a house over the longer term.
9) Non Financial Communication
Communicate your current financial health with your spouse and your children and make them aware that if you cannot afford a certain item, they should not ask for it. For example, if your 18 year old son wants a new nice hot sports car, communicate to him that you cannot afford it. Instead, he should go for a smaller car that gets him from Point A to B. You and your spouse should promise to each other that you will not hide your spending habits. One of the most common reasons why so many couples undergo divorce is because they rack up huge credit card debts without the other spouse's knowledge. This then leads to divorce which can help in racking up even more debt
10) Gambling
Many people put not only their own disposable income on the line when gambling, they also borrow loans to gamble! You see, Casinos would not exist if every one person won money in it. Probably 1 in every 100 people wins money in the casino over the long term. Another huge boom in the gambling industry is the emergence of Party Poker and online gambling websites that are illegal in the USA. Online gambling is so easy that you don't even have to step out of your house, you can do it right in your bedroom with a small PC!
Prevention to getting more credit card debts (5)
1)Try and make a little more than the minimum payments
The minimum payments required by credit card companies have steadily fallen over the years. Where once it was typical to have to repay a minimum of 5% of your balance every month, it's now common to only have to pay 2.5% or 3%. With repayments this small in proportion to your debt, a large chunk of each payment gets swallowed up in interest charges. Depending on the APR rate of your card, up to 75% of each payment could be 'lost' in this way, meaning that it takes a very long time for your balance to reduce to any great extent.
By trying to repay more than the minimum, even if only by a little, you can speed this process up, and in the long term you'll end up paying much less in interest charges.
2)Prioritize your card debts
If you have more than one card with different rates of interest, it makes sense concentrate on the one with the highest interest charges. This means not just the one with the highest interest rate, but the one which actually charges you most each month, which could have a lower rate but a higher balance.
Check your statements to see which card is costing you most in interest each month, and try to focus on repaying this card first by putting any spare cash you have into extra payments while keeping to the minimums on your other cards.
3)Change your card
The credit card market is very competitive, and rates have fallen over the last few years. You may be stuck with an old card charging an old rate that is much higher than newer cards. If you can get a new card with a lower rate and transfer your account balance on to it, you could save a lot in interest charges, helping you to bring down your debt. If you can get a card with an introductory rate on balance transfers then all the better - you'll get a few months of interest free credit which you can use to really drive down your balance as 100% of each repayment will be helping to clear your debt.
4)Debt consolidation
If getting a cheaper card isn't an option or isn't something you feel happy about, then maybe a consolidation loan would be worth considering. If you take out a loan and use the money to pay off all your card debts, you could benefit from a lower rate as loans are normally quite a bit cheaper than credit cards.
The downside to these loans is that the repayment period might be quite long, and so even though your monthly repayments will hopefully be lower, you'll stay in debt for longer and so end up paying more in interest. Done carefully, however, consolidation can be a sound move if there's little chance of clearing your debt in any other way.
5)Watch your spending
All the above strategies for getting your debt under control will only work if you stop getting deeper into debt - and this means stopping spending on your cards. Ideally, you'd cut them up so that you can't use them again, but this might not be realistic as you may need to keep them as a credit option in an emergency. In any case, cutting your spending to an absolute minimum will keeping your repayments as high as possible is the only sure strategy to clearing your debt in the long term.
http://www.mobile-money.com/ Mobile payment system is the service allowing registered user not only makes payment but also allowing user to pay for food and service at anytime anywhere with using their mobile phone. This system function like a credit card and provide very convenient service for consumer with no need bring many cash and card because they only need to use their mobile phone to make their transaction.
Current mobile payment systems that are available in Malaysia are Mobile Money Wallet (MM Wallet). This service recently developing very fast and Malaysian now can enjoy a secure and convenient way to conduct mobile commerce by using a GSM cellular phone. This also gives freedom for consumer to buy product online and pay the merchant using the mobile phone without physically present at the store. Normally, when make the transaction or payment mobile phone will coupled with 6 digit security PIN through SMS.
Besides that, this system also provides benefit for merchant because, in online selling, selecting a payment gateway is the major problem face by the merchant in Malaysia; but this problem has been address by MM Wallet which was it allow merchants to take online order without the need for online shopper to disclose their credit card information. Moreover, merchants can enjoy super low transaction fee at 1.5% if compare with credit card at 2.5% to 3%. With Mobile Money, merchants also do not have to concern of cash, cheque, and credit card handling problem and fraud because MM Wallet will confirm to the stringent requirement set by Bank Negara Malaysia and participating Bank.
Lastly, the way to encourage consumer to adopt this payment method are:-
i) Through advertisement to attract more people using this payment method this will help to increase the usability. ii) It must be safe and secure to enhance consumer confidence toward the security and reliability of this payment system iii) No hidden cost, no annual fee or monthly fee, no minimum monthly transaction to encourage consumer adopt to this payment system. iv) To attract more people using this payment system it must be simple and easy for consumer and merchants to make payment and receive payment using mobile phone. The process should be straight forward as using the credit or debit card. v) Educate consumer through seminar about the function and the usage of mobile payment system. This will help to increase the confidence of consumer to using the mobile payment instead of credit card or debit card.
First and foremost, why we need to safeguard our personal and financial data? I believe many people the use internet don't know why they need to.
The reason why is because if we do not protect ourselves while we surf net, we might fall into identity theft. So, what is identity theft? To make it simple, identity theft it is a crime in which a person steals personal data and uses it to get either credit or service that only the real owner is entitled to through internet.
This is especially a serious concern for all computer users. Personal data needs to be guarded jealously by both businesses and private individuals using the internet for any service or utility. There is currently a battle between hackers and companies attempting to keep their information safe.
However, protection from internet identity theft primarily falls on your hands, as there are a few things you can do to help keep yourself safe.
HOW???
There are many ways to safeguard our personal and financial data from the hackers. The most basic and effective ways are to us use of secure website and having up to date computer security.
Use of Secure Websites
Secure websites
One of the most basic ways of ensuring protection of sensitive data is using a website that is secure. Many websites are now protected by the data sent between your computer and the site being encrypted. Such websites are difficult for hackers to attack.
Insecurewebsites
On the other hand, there are websites that are easy targets for hackers, those websites that are not secure and do not guard the data of its users. Secure websites encrypt your personal and credit data so that there is no way of gaining access to them even by the greatest of hackers.
If the site is of questionable content, such as adult websites, music sharing sites and casino sites, then the higher the risk is. Many of these sites attempt to install programs that track your personal data, then sells the information to those who look to do you harm.
Having Up to Date Computer Security
Having the latest computer security program is another measure that can ensure protection against fraudulent use of personal data or ensuring identity theft protection.
Programs like spyware and viruses seize private data and allow it to be accessed by hackers so computer security is a necessity that guarantees protection against this sort of misuse.
Crooks and felons can use this sensitive data for a range of misdeeds, they can open accounts, get goods and services in your name and use up all your money.
Thus, identity theft protection software becomes a necessity in modern day life because it encodes all data stored in the computer so that others cannot retrieve and use it.
Internet identity theft protection should be one of your top concerns when using the internet. There is a much great risk of someone stealing your private data than someone breaking into your house.
Additional information: The only way to truly keep your information safe is to enroll in an identity insurance These services are designed to do whatever it takes to protect your identity, and are backed by a $1,000,000 guarantee.
If you want to protect yourself and your family from financial and personal ruin, click here for guaranteed - Identity Theft Protection
Digital certificate usually attach to an e-mail message or an embedded program in a web page that verifies that user or website is who they claim to be. The common functions of a digital certificate are user authentication, encryption and digital signatures. User authentication provides other security than using username and password. Its session management is stronger. Encryption can make the data transmission secured by using the information encrypted. The intended recipient of the data is only person to receive the message. Digital signatures are like the hand signature in the digital world. It can ensure the integrity of the data. By using the digital certificate, the users will be able to make transaction on the internet without fear of having the personal data being stolen, information contaminated by third parties, and the transacting party denying any commercial commitment with the users. Furthermore, the digital certificates can assist the development of greater internet based activities.
The most famous application of 3rd party certification program in Malaysia is provided by the MSC Trustgate.com Sdn Bhd. MSC Trustgate.com Sdn Bhd was incorporated in 1999 and is a licensed Certification Authority (CA) under the operation of the Multimedia Super Corridor. Certification Authority is the body given the license to operate as a trusted third party in the issuance of digital certificates.
The objective of MSC Trustgate is to secure the open network communications from both locally and across the ASEAN region. Trustgate provide digital certification services such as digital certificates, cryptographic products and software development. The products and services of Trustgate are SSL Certificate, Managed PKI, Personal ID, MyTRUST, MyKAD ID, SSL VPN, Managed Security Services, VeriSign Certified Training and Application Development. The vision of Trustgate is to enable organizations to conduct their business securely over the internet, as much as what they have been enjoying in the physical world.
Nowadays, internet is become common in our life because many people use it to search the information, chatting, transferring the file, read the news and so on. Internet is a global system of interconnected computer network that interchange data by using the standard Internet Protocol(IP).
With the advancement of technology today, the web-based service including Facebook and MySpace are becoming prime target for hacker to seeking your personal information. This is the reason why in the market occur many type of online security system and software but there also a numerous of online threat attack our computer or data. Below is few type of internet threat that appears in the internet:-
i) Malware It is a software design to damage a computer system. This software also can describe it as a head of all type of malicious software which is include worm, Trojan horse, spyware, computer virus and unwanted software. For example we can see that numerous of computer in 2000 attack by “I LOVE YOU” virus. This particular malware only simple subject “I LOVE YOU” and an attachment “LOVE-LETTER-FOR-YOU.TXT.vbs.” causing widespread outrage, making it the most damaging virus ever.
ii) Worm& Trojan horse A worm can spread itself to other computers without needing to be transferred as part of a host, and a Trojan horse is a file that appears harmless. Worms and Trojans may cause harm to a computer system's hosted data, functional performance, or networking throughput, when executed. These will caused computer becoming slow even the computer is high performance. That is why our computer needs a internet security system such as antivirus software to protect our computer. Without this software Trojan or warm will track into the computer and steal the important data or personal information such as password of your email account.
iii) Spyware Spyware is software that install to the computer to take partial control over the user interaction with the computer without user inform consent. Generally, it used for programs that covertly monitor your activity on your computer, gathering personal information, such as usernames, passwords, account numbers, files, and even driver’s license or social security numbers. Spyware is installed in many ways such as most often spyware is installed unknowingly with some other software that you intentionally install. For example, if you install a "free" music or file sharing service or download a screensaver, it may also install spyware. Some Web pages will attempt to install spyware when you visit their page. As a result, all the computer setting is change, slow connecting speed, different home page, automatic pop up website and loss functionality of other program.
Cycle time means the amount of time taken to complete a process. For example a process of purchase order, delivery goods and reach customer. Digitize enable the supply chain save time from internal to external needed process to the transaction such as traditional of book keeping are upgraded to digitize. Every transaction proceeds under a standard and consistency form of transaction process.
Reducing time-cycle:
E-commerce can reduce cycle time by eliminating the time taken to process in between supplier, intermediaries and customers. Through e-commerce, the customer can directly order the material needed no matter in what time zone and wherever they are with an access to the internet, because the e-commerce website is operate 7-24-365, hence the customer no need to wait until the shop is operate. E-commerce reduces time taken from shipping, inventory level, it also shortens the time taken to verify registration, account entry and transaction authorization.
Furthermore, e-commerce fully utilizes the internet to facilitate the communication with strategy suppliers and internal customer. Enhance the interaction between firm and customer to enhance the understanding between the two parties. E-commerce reduces the traditional phone calling and snail mailing that used to be ways to process transaction. However it is lack efficient and slow in progress and take time. Electronic data exchange through online allow the company to communicate with their customer even in public holidays. Eventually, it affects the whole transaction process and increase the efficiency.
Improve employees’ empowerment:
Employee empowerment can be described as giving employees’ responsibility and authority to make decisions about their work without supervisory approval. Good managers are expected to help employees refine their job achievements by encouraging, instructing, guiding and giving them advice. Employee empowerment can increase employees’ motivation, job satisfaction and loyalty to their companies. The power that managers should shared with employees is through trust, assurance, motivation, and support.
Electronic-Data-Interchange (EDI) enables the employees to have freedom and authority to access in transaction system, transparency barrier between employee and customer is clear cut. Employees in charge can have more understanding of the business and the transaction and providing relevance feedback to customer. Employees can do their job independently without supervision. On the other perspective, employees who work under these circumstances are more productivity rather than those who work under tight supervise. Nowadays, work stress is a significance issues that should be taken into consideration when dealing with employee condition. In other ways, employee can work from anywhere at any time whenever they like. Because through accessing the internet they can do everything online. It is more flexibility to employee. Productivity eventually increases in these circumstances.
Facilitate customer support:
Customer demands are more demanding nowadays. Traditional ways of doing business seem cannot be applicable for the current situation. They required more sophisticate and efficient ways of dealing with their daily demand. E-commerce is a place where the firm can fulfill every customer with different requirement. Quality of services is much more emphasize nowadays compare with the physical product. Ordinary customer required more than what the web page provide. They required immediate response for their request. Share database in between the employee is crucial for further follow up process where they can obtain customer profile and information in order to solve their problem.
Customization is an issues where the firm should highly emphasizing and concentrating, neglect this issues will cause a huge impact and change the whole picture of the business nature. Firms are encouraged to provide Graphic-user-interface (GUI) which enables the user to view and order product. Furthermore, firms can also provide some information and brief summary of their product through picture or video to clarify customers about the product. Firms might need to yearn for a better prospect therefore it is a must for firm to recognize the customer changing trends and demands. Hence, a well define feedback of the services and products are essential for the company long term improvement. They also can provide their company information to enable the customer to contact them and prepare a forum to customer to left their comment.
Touch ‘n Go (TnG) smart card is used by Malaysian for electronic payment system to toll expressway and highway. It is expanding its business to retail purchase by starting with fast food industry that enables consumers to buy dough nut, burger or fast-food from 21 outlets such as Burger King, 7-Eleven, Dunkin’ Donut. It is imitating the success of Hong Kong’s Octopus Card by setting 5 to 10% of the card holders for retail purchase as current target of the company.
Octopus Card was launched in Hong Kong on year 1997, September. It is a rechargeable contactless stored value smart card to transfer electronic payments in online in offline system. It is widely used in payment system for transportation, supermarkets, fast food restaurant, car parks and other pint of sale application such as service station s and vending machines that have achieved good outcomes.
Touch ‘n Go (TnG) smart card is used by Malaysian for electronic payment system to toll expressway and highway. It is expanding its business to retail purchase by starting with fast food industry that enables consumers to buy dough nut, burger or fast-food from 21 outlets such as Burger King, 7-Eleven, Dunkin’ Donut. It is imitating the success of Hong Kong’s Octopus Card by setting 5 to 10% of the card holders for retail purchase as current target of the company.
Octopus Card was launched in Hong Kong on year 1997, September. It is a rechargeable contactless stored value smart card to transfer electronic payments in online in offline system. It is widely used in payment system for transportation, supermarkets, fast food restaurant, car parks and other pint of sale application such as service station s and vending machines that have achieved good outcomes.
