Credit cards has brought the major evolution in the peoples lives since the last decade.They have made the life of people much more easier by not making them not to carry cash in hands and it also became a major business for many banks. The Credit card business made alive by using big data. Since all the Credit cards work by warehousing the data. Master cards aim is to give access of their customers information directly to the corresponding banks and also the tools to manage the information which is possible by using Big Data. Many organizations are working hard to understand the opportunities and challenges corresponding with “big data” . This global data changed its identity into Business Intelligence that allows all the credit card management services and its users to rely on technology to manage the data.MasterCard has accumulated a data warehouse that is greater than 800000gb in size and company experts expect that there will be an substantial increase of more than 1.
8 petabytes. The advancement of MasterCard’s information repository is increased by a client/server network that, on average, manages 140 million credit card transactions in an hour on behalf of more than 25,000 financial institutions WALL08. In 2007, MasterCard’s worldwide network operated 18,700 million transactions totaling approximately $2300 billion.Even though visa card is big win in the business field master card had been winner in world wide and international usage because it estimates its network to respond at a rate of 140 milliseconds per transactions. How ever not only the Master card but there is an substantial increase in the usage of visa,American express and money transfer application,data repository plays an important role in building and using applications as well.
Master card encourages it customers by introducing many reward programs for their users like travel benefits,travel credits,free hotel stays,gift cards for the loyal customers to increase the customer satisfaction.In order to provide all these benefits for the users Master card has to join hands with airways,retail stores and hotel chains etc. BI engine made it easy for the users to make critical decisions. Master cards management team accepted the proposal of using data ware house as soon as it came into existence and took advantage of it.It was a competitive edge and a game changer in the market which substantially increased the market value of the Master card.Back then it only considered one fourth of its goods around the world by using credit cards with visas almost half of it.Financial firms can depend on the history of credit card payments and activity to contribute the data for specific merchandising and commerce.
For example, a financial firm that issues credit cards may have a huge number of travel payments on a specific airways. The firm can use this data to make a deal with the airways to provide special offers and incentives to card users.How ever master card doesn’t only make peoples life easier by cashless purchasing it is also important for the users that the purchases they make are safe ,secured and private. In order to provide security for the users Master card came up with some tools where some are developed in house and some third party tools through which credit card fraud,theft and security issues have been resolved. Among the important applications which Master card built there is the portfolio analytics suite made using business intelligence which includes a vast pre existing reports. By using these reports consumers can manage their expenditure on daily basis from any part of the world even though they are travelling. Apart from this tools which contribute to the security of the user there is also something called Market center which encourages the user to check,manage their spending online and also to increase their purchases at certain areas to receive more benefits. In the recent days managing the spending and using these tools increased rapidly since every user can use them in their mobiles conveniently with online applications developed by the banks authenticated by the users.
user request is forwarded to the transaction server were it enables the specific application software used for this procedure and the application changes the request into the specific information access and updates.the request is later forwarded to information repository and is processed for the user. In the recent years there has been many advancements in the technology where we don’t even need credit cards in order to shop.
Mobile phones replaced many things in peoples lives like reminder books,contacts books,planner, emergency lights and many things,credit cards are the latest things to be replaced. Tap and go using mobile phones has already took over the market replacing the old credit card fashion.once you store all the information of your credit card,visa or debit card in your mobile you can just tap the pay button displayed on the phone and shop.
Many of the smart phones now a days are letting us to pay using phone like apple pay,google pay, by using the near field communications (NFC).This is one of the convenient facilities one can use,just phone in your hand and conquer everything and receipts can be generated or issued using either a text message or email associated to the credit card which ever is convenient so that you dont loose track of purchasing something which is equally secured as a credit card and many times without needing any form of identification.This facility came in to existence almost everywhere like public transits,T-stations,wending machines,drug stores,groceries etc. Digital wallet being the recent advancement signifies the growth and can be described as an achievement undoubtedly even though it has both pros and cons.1) The pros being a huge convenience,the rate at which users pick things they need and check out is much faster than the traditional method which results in the lesser line and lesser waiting times at the check out.
Billing can be as simple as a tap and the whole process is done literally in seconds.Happy customers.so its huge convenience definitely attracts many customers to use digital wallet with transactions as simple as that and purchases as fast as that which are directly proportional.2) Since everything is digital stores doesn’t need much of staff as cashiers and its a huge cost cut off method for many stores.
So happy owners too.cons being1) Investment can really be a huge amount in order to set up a digital wallet for any huge financial firm because the application is huge .The process needs lots of development,integration,testing,bugs,fixes,maintenance which in turn needs lots of resources to be employed by financial firms.
2)Since its a new technology it also needs some hardware to be installed in specific computer systems for both financial firms to develop and also for the clients like stores to use them3)How ever NFC is only limited to certain area the devices really need to be very close or right next to each other inorder to work.4)Since its a new technology it can be harder to explain and convince the system to all the retail stores to start using it. According to me Supporting the smart phones application is very important for Master card because in the recent days smart phone became such an important thing in life that one cannot leave their house or office with out phone and no wonder why people buy smart phones and their latest versions even though they are crazy expensive ,Integration of each every human need in to a single device is smart phone .Sometimes much smarter than human brain.Most of the times in these busy days people prefer something fast and easy which can be done in hands with a touch of finger.In order to fulfill these demands providing much faster service and to make them happy smart phone application is the only solution. The major difficulties to overcome is the security,fastness and the accuracy.
Inorder to secure the fraud as soon as people download the application one time password(OTP) will be sent in order to verify the specific consumer and there can also be location tracking enabled in order to make sure one can shop while traveling to by using confirmation messages and also repeated OTP’s for confirmation.Accuracy is something everyone prefers while they shop the display of certain and specific amount they spent on each purchased displayed or issued by message or email with in seconds in order for them to check and keep track which is also called accountability.Fastness is the settlement of transaction processed with in the seconds of purchase and issues itemized bill everything from start to end with in seconds.
In order to achieve this financial firms should maintain huge servers and potentially good network.