Saturday, December 12, 2015

Remember this device?

This is the mechanism of bank clearing when credit card first came out.   The merchant did not immediately clear the purchase with a bank, he just got a press of the credit card, with price and signature.  A few days later, the merchant takes his stack of credit receipts to the bank and his account gets credited. Fraud was rampant, and two types of ID often required to use the card.


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