Plastic and electronic banking

Abstract

When you have carefully studied this chapter you should be able to:

• Explain how the system of telephone and homebanking works

• Define the term EFTPOS and give an account of recent developments in connection with it e.g. the introduction of the Switch and Delta systems

• Explain the terms ‘credit’, ‘debit’, ‘charge’, ‘store’ and ‘smart’ in relation to plastic cards, and list the advantages and disadvantages of each of them