Pay card (chip card, smart card)

Card used for cashless payments and equipped with a microprocessor (chip). In its basic form, it can be used as an electronic purse and equipped with various additional functions (such as parking, telephony). – Issuers of cash cards are generally subject to supervision; for exceptions, see Section 2, Paragraph 5 of the German Banking Act (KWG). The identity verification requirement prescribed for opening an account also applies here. – The (probably unsolvable) problem with cash cards is that they can be counterfeited and falsified to a far greater extent than cash (which is protected by the central banks at great expense). There are conflicting data on the proportion of counterfeit cards and the volume of fraudulent transactions triggered by them. – There are also differing opinions on the extent to which cash cards have an impact on the consumption behavior of private households and whether the cards cause a loss of control in the handling of money. – According to a survey by the Deutsche Bundesbank, four out of five retail transactions in Germany were settled in cash in spring 2011. Measured in terms of retail sales, the cash share was sixty percent at the time of the survey, with a slight downward trend in favor of cash cards. – See rejection, issuer, authorization, banknote value restriction, cash payment rate, community card, computer payment, chip card, disagio, EMV guideline, corporate credit card, ATM lock, money, electronic, interoptability, card, multifunctional, card authentication, account, anonymous, credit card, net money business, pay green initiative, plastic money, processor, passbook, ticketing, electronic, angle broker, payment card. – Cf. Deutsche Bundesbank Monthly Report of December 2006, pp. 93 ff. (detailed presentation; many overviews), Deutsche Bundesbank Monthly Report of June 2009, pp. 52 f. (in 2008, 58 percent of Germans paid with cash and only 26 percent with card; lines of development).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
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