credit cards banks operating in Egypt and $ 22 million loss a year damaged money
Central Bank of Egypt considered the phasing out of paper money, credit cards and offer of payment smart replace banknotes as a rational economic losses after the increase in the national economy of the reprinting of damaged money, estimated by some experts of $ 22 million annually as a result the spread of some bad habits for writing words of congratulations and memories in bank notes. He welcomed the d. Mohamed Abdel-Rahim, deputy director of Banking Supervision Central Bank of Egypt’s announcement MasterCard global expansion in the issuance of credit cards in the Egyptian market.
He said in a conference in Cairo yesterday, MasterCard that banking services via the Internet turned out to be an essential service in the banking sector and the global economy has become interested in what is known as the «digital economy» to support the use of technology to modern tools in financial payment, especially credit cards to benefit from the advantages to enhance the competitiveness of access to a world without money. During the conference said Arif Baroudi, Marketing Manager, MasterCard announced the launch of agreement between the foundation and 7 Card in the key banks in the Egyptian market is the National Bank of Egypt Arab African International Bank City Bank Commercial International Bank, Arab International Bank in addition to the 23 member banks and a source cards for MasterCard.
Mohammed al-Berj president of MasterCard International in the Middle East and North Africa «that with the current integration of the Egyptian economy with the global economy and the growing friction between the trade and economic institutions of local and international counterparts and the trend towards expanding the application of mechanisms of electronic commerce are becoming increasingly important« credit card »as a flexible payment solutions especially for businessmen and investors, mobile professionals to meet the financial needs in any place and being safe and easier way to pay ». He «that the total expenditure globally using MasterCard reached about 727 billion dollars in 1999».
The Berj «initiative« A World Without Money »aims to provide payment solutions easier and safer for the consumer, where he could rely on credit cards to meet the various requirements, either through direct purchase from stores locally and abroad.
He said «there are more than 17 million outlets around the payment card payment accept Master Card, in addition to e-commerce sites over the Internet».
On the other hand stressed d. Nabil Hashad Expert International Monetary Fund on the need to create a homogenous market for financial services in the Arab countries to increase the volume of e-commerce transactions and the phasing out of paper money and to engage in a world without money through credit cards as the world has turned in the past from the era of barter goods and services to the era of dealing Balbncot He explained that the complexities of the new century requires the development of means of payment and credit cards turned into a warehouse of value.
Credit card .. The future of money
May replace these small plastic card with cash, traditional development is the greatest in the history of financial transactions, since the transition from the exchange of goods to the instrument currency
Many people have become these days, dispensing paper money for the credit card, and the number of card shops that deal in a very large in our country after we entered the era of large commercial malls, stores and the opening of the major hypermarkets, although the prevalence of these cards are still out of the comparison if Looking at the prevalence has been achieved in the West; For example, in Britain – a country most widely used credit cards – is the use of 67 million card; while the number of the population only 59 million! In the sense that there are a lot of people have more than one credit card
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the beginning
The idea of a credit card is too Older than we imagine; It was the first reference in the novel
Looking Backward
Writer Aydard Bellamy in 1887! Once again proved that fantasy artists verifiable, and that an important source of ideas and inspiration that contributes to the arrival of a better world
Began the actual use of credit cards in the United States in the twenties of the last century, and their use is essential to buy fuel for cars at petrol stations
Did not show the idea of buying different items of different shops using only one card in 1950, in 1958, the American Express card the same name as the company, this card can be bought by the United States is not alone; but from any other country in the world awash in corporate network. In the same year Bank of America issued a card under the name of other international
BankAmericard
Which is renamed then to
VISA
The rival the forthcoming
Mastercard
Has been issued for the first time in 1966
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How does the credit card
The beginning of the client must extract the credit card service provider, a bank, which deals with, usually the bank is requiring certain requirements, such as a minimum monthly salary of the person for a certain amount (1500 pounds usually) with a certificate from the employer to prove it, in addition to the image ID card arrived in a modern power
The client receives a card from the bank, which is a plastic card from the magnetic part black, and on each card set of numbers (usually 16 digits), the numbers indicate the first bank that issued the card, the numbers of Central discrimination card, and recent evidence shows that validity
When a person buying from a shop using the card, the seller must insert the card in a peripheral device called the point of sale
Point Of Sale, or POS
In short, this device read the card data recorded on the magnetic part of them, contact your bank through the telephone line connector to make sure the validity of the card to work. If the process out by the bank machine receipt and the buyer signing a receipt with details of the procurement process
Some places accept credit Bacart purchase by phone, here’s the buyer dictates the card number for a seller to complement the procurement process, and can also use the card online to buy online, and here the buyer to manually enter data card
At the end of each month the bank sends a statement to a user card purchases made using the card, and any additional expenses charged by the bank on the card. See the client statement, and he can show his opposition to some of the processes, if found to be incorrect, and on the client to pay a minimum value of purchases by a certain date to pay the remainder later in return for interest, the client may choose to pay the entire value so as not to pay the additional benefit , and can be deducted the value of procurement from the client account in the bank automatically
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Species and
There are several types of cards other than credit card; there direct debit card
Debit Card
In which purchases are deducted directly from his client, he can not buy anything be priced higher than the balance available in his account, in the sense that it does not get credit or loan from the bank, and this card is given free of charge in practice, do not incur a fee by the client unless the use in the clouds of the ATM from another bank and not through the issuing bank of the card. This is not a credit card card; because the credit or lending did not occur in this case
There is also a card
Charge Card
And the World Bank will grant the customer credit within a certain amount, the client does not pay commission or interest on purchases as long as the required amount has been paid during the grace period. This card does not include other facilities such as the possible installment amount, and there are often fees for the issuance of the card and the annual fee for renewal
The card of
Credit Card
It gives the customer the right to buy within a certain amount, with the delay of payment and paying installments for several installments in return for interest. This card in turn have several types, some with roof within a certain amount, and some without a roof, and gives the client some reductions in hotels and some shops, depending the type of card that gives the bank to the client on the client’s financial and extent of the bank’s confidence
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More benefits
And banks will provide many advantages to attract customers to use cards issued by the Bank, such as a points system awards gives the customer the discount on certain items if it reaches the level of spending using the card to a certain amount. And some banks do not take a fee for issuing the card
For traders, the credit cards are a good option too; they are better than cash, which may be exposed to theft, as it is the best of checks that may clear it without that balance, in the case of credit cards, the bank undertakes to pay the dealer Once you’ve made a financial transaction using the card. The bank collects fees from the merchant for this service, and usually there is a delay before receipt of payment
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safety of usage
Security depends on the preservation of the card itself from theft (because the magnetic part which contains the data), and to maintain the privacy of her own, if obtained by someone other than the owner of the card on the same card or number can become a purchase on account of his card, and if used to buy via the Internet. This must cancel the card immediately if lost or stolen to avoid this problem
Some credit cards to have another level of protection requires that a call is made on the mobile phone customer to confirm he actually has to buy the card, in every time you use the card
Recently added another level of protection to transactions over the Internet, through the application site to another number called
PIN Number
Consists of 4 boxes, and known only to the card. Banks have a range of mechanisms that are used to determine whether there is a possibility that the card is used in a process stolen; For example, if there be a large sum to buy an unusual place far from the address, the card holder, this is a suspicious transaction makes Bank doubted the fact that the card stolen, and thus confirm this by contacting the customer before the implementation process
