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Virtual Money ATM Cards Essay

The advent of information technology has witnessed the rise of plastic and smart cards. Electronic cash has become the new buzzword. It will be an inexpensive means to handle small payments. Virtual money ATM cards are also a form of electronic cash. There have been calls for the creation of a regulatory structure. Supply is equal to demand has been the concept behind the use of money in economy. The Internet is emerging as an efficient delivery channel for financial services.

With Internet banking, customers do not need to have special bank-issued software. Banks maintain their identity and can differentiate themselves by customizing the services and information they provide over the Internet. Increasingly, customers are demanding more convenient ways to do their banking. Banking transactions are increasingly becoming electronic as shown by the rapid use of ATMs, telephone banking and home banking accounts.

Customers are also demanding a more sophisticated mix of products tailored specifically to their financial needs, and non-bank competitors are better fulfilling these needs. Banks today hold only 20% of household financial assets, versus 34% twenty years ago; they have 30% of business deposits, versus 42% only seven years ago. Nonbank credit card providers have gained inroads against banks,

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holding a 25% market share versus 5% in 1986. Picture a bank without any branches. No tellers. No rows of desks.

No racks of brochures, no automated teller machines outside. Picture, in fact, a virtual bank, one that for the customer exists only in his or her office or home, as images on a computer screen. US financial institutions are moving towards ‘virtual banking. ‘ This strategy is about making bank products and services available to customers any time and any place they want them. As virtual banking becomes more popular, it is very likely that more customer service will be seen while the number of traditional teller-staffed branches will decline.

Bank customers will move away from traditional banking and will become more dependent on electronic transactions using ATMs or PCs (Burton, 2004). Thanks to the revolution, financial institutions are using software programs, online services, and even the Internet to allow customers to check balances, pay bills, and transfer funds among accounts, Bankers promise that, in the near future, we will also be able to more easily buy certificates of deposit, mutual funds, and other investments, and even apply for loans electronically.

Virtual money ATM cards have recently been launched to act as debit cards. The value of these cards is equal to the amount of money which is loaded onto the card. An increase in funds results in increase in value while withdrawal of funds for cash results in a decrease in value. The card is useful for people who want to keep track of their spending. People don’t need to carry cash because of Virtual money ATM cards. Finally it is also useful for travelers, teenagers and students who want to carry money without extra cash.

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