Card Transactions facts
While investigating facts about Card Transactions, I found out little known, but curios details like:
The last Blockbuster on earth, in Bend, OR uses floppy disks to boot their system, employees have to hand print cards because their printers broke, and transactions are backed up on a reel-to-reel tape that can't be replaced because Radio Shack went out of business.
There are approximately 10,000 financial transactions completed with credit cards every second around the world.
In my opinion, it is useful to put together a list of the most interesting details from trusted sources that I've come across. Here are 11 of the best facts about Card Transactions I managed to collect.
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Credit cards with chips take longer to process because they're equipped with a technology that generates a different encrypted card verification code for each transaction. Cards with only the magnetic strip use the same code every time, making them more susceptible to counterfeiting.
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In Sweden, where 4 out of 5 transactions do not use cash anymore, some homeless people started to carry debit card readers
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The first credit card transaction happened in 1950
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The chip on our credit/debit cards makes transactions more secure by re-writing the code within the chips circuit. Unlike the mag strip which has a code that cannot change, which allows Skimming.
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Debit cards were responsible for nearly 70 billion transactions in 2017, with a value of over 2.56 trillion dollars.
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Stores pay the bank more or less per credit card transaction based on whether or not they require your signature
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The 14 character limit on bank transaction description field in Australian online banking was due to some limit related to ancient punch card systems
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Not only does the Secret Service protect government officials, but it also handles major technological/financial crimes. This includes pursuing counterfeiters, patrolling securities transactions, and handling major credit card frauds.
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American Express accounts for 22.9% of all credit card transactions in the US with 50 million cards in use with an average annual spending of $18K
