Programmable electronic payment card transaction limit implemented using mobile electronic technologies

Abstract

Possibilities and methods for increasing security and protection of financial transactions via electronic payment cards by programming the card transaction limit using mobile electronic technologies are considered, proposed and described in the paper. Using digital electronic payment cards for different payments and for withdrawal of needed cash from the bank accounts, gives many advantages and benefits for the users. But, using of electronic cards has problems connected with the security and protection of money transactions. Way to increase security and protection of the transactions by a bank electronic cards using mobile technologies is proposed and described. As the method was used programming of transaction limits for the electronic card using smart mobile phones and mobile devices. The method enables card limit programming using SMS massages or using WiFi connection and the Internet. Implementation, possibilities, advantages for bank and for user and way of using of the mobile application are described.