Electronic cash is the debit card system of the German Central Credit Committee, the association which represents the top German financial interest groups. Usually paired with a checking account, cards with an Electronic Cash logo are only handed out by proper credit institutions. An electronic card payment is generally made by the card owner entering their PIN (Personal Identification Number) at a so-called EFT-POS-terminal (Electronic-Funds-Transfer-Terminal). The name “EC” originally comes from the unified European checking system Eurocheque. Comparable debit card systems are Maestro and Visa Electron. Banks and credit institutions who issue these cards often pair EC debit cards with Maestro functionality. These combined cards, recognizable by an additional Maestro logo, are referred to as “EC/Maestro cards”.
Read more about Electronic Cash: Providers, Acceptance Marks, Hardware and Software, Chip Card Vs Magnetic Stripe Card, Modes of Payment With Electronic Cash Debit Cards
Famous quotes containing the words electronic and/or cash:
“The car as we know it is on the way out. To a large extent, I deplore its passing, for as a basically old- fashioned machine, it enshrines a basically old-fashioned idea: freedom. In terms of pollution, noise and human life, the price of that freedom may be high, but perhaps the car, by the very muddle and confusion it causes, may be holding back the remorseless spread of the regimented, electronic society.”
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“Lora May: Did you ever stop to think, Porter, that in over three years there’s one word we’ve never said to each other, even in fun.
Porter: To you, I’m a cash register. You can’t love a cash register.
Lora May: And I’m part of your inventory. You can’t love that either.”
—Joseph L. Mankiewicz (1909–1993)