Date Added: May 2009
The ubiquitous card swipe has been a familiar feature of commerce for decades. For consumers, it's a daily activity that's become part of the modern culture and shopping routine. According to a 2008 study by Hitachi Consulting and BAI, payment card transactions now comprise over 63 percent of in-store purchases - a figure that has risen steadily over the past decade and is expected to continue to increase. Whether one is swiping their card at a gas station, grocery store or specialty retailer, one takes this frequent and consistent activity for granted. Merchants look at it differently, though. For them, the card swipe kicks off a burst of activities and processes that eventually result in cash flow, but can also lead to unnecessary expenses and fraud.