How Nano Technology converted Transaction in Millisecond?

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How Nano Technology converted Transaction in
Millisecond?
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What is Nano technology?

•  Nanotechnology is the engineering of functional
  systems at the molecular scale. This covers both
  current work and concepts that are more advanced.
• In its original sense, 'nanotechnology' refers to
  the projected ability to construct items from the
  bottom up, using techniques and tools being
  developed today to make complete, high
  performance products.

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Classic payment method

• Card Associations function as the governing body
  of a community of financial institutions, ISOs
  and MSPs that work together in association to
  support credit card processing and electronic
  payments. Hence the name, card associations.
• The primary responsibilities of the Card
  Association are to govern the members of their
  associations, including interchange fees and
  qualification guidelines, act as the arbiter
  between issuing and acquiring banks, maintain and
  improve the card network and their brand, and, of
  course, make a profit. That last one has become
  even more important now that Visa and MasterCard
  are public companies.

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Where the problem occur?

• Credit card fraud is on the rise. In 2014 alone,
  nearly 32 million customers had their credit card
  accounts breached. While the majority of credit
  card fraud incidents (45 percent) were related to
  online or card-not-present transactions, in which
  thieves used stolen card numbers to make online
  purchases, the second most common type of fraud
  was related to counterfeit cards. An astounding
  37 percent of fraudulent transactions were due to
  criminals making fake cards using real customer
  account information, and then using them to make
  purchases.

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Where the problem occur?

• The recent introduction of EMV, or chip-and-PIN
  cards, to U.S. consumers is in part designed to
  prevent credit card counterfeiting. Because
  individual transaction details, including account
  information, is encrypted into a one-time use
  code that is sent to the processor, its going to
  become more difficult for hackers and thieves to
  access the information that they need to make
  counterfeit cards. However, while chip-and-PIN
  cards are only just beginning to gain traction
  among banks, scientists remain hard at work to
  develop even more technology that will protect
  consumers and eliminate credit card fraud.

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Biometrics and Credit Cards

• Most of us by now are familiar with biometrics
  the use of personal, unique characteristics as
  identifiers to grant access to secured areas or
  services. The most common type of biometrics is
  the finger or thumb scanner, which relies on
  individual fingerprints to authenticate users.
  Once the domain of Hollywood spy movies and
  top-secret government agencies, biometrics has
  now become an accepted part of everyday life for
  most people many smartphones, for example,
  include biometric recognition as a means of
  protecting the device from unauthorized access.

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Biometrics and Credit Cards

• Biometric technology is slowly making its way to
  the realm of credit cards. Last year, a Norwegian
  bank worked with MasterCard to develop a credit
  card in which a fingerprint scan replaced the PIN
  in a typical chip and PIN transaction. This same
  technology is the cornerstone of Apple Pay, which
  allows customers to pay for items using their
  iPhones. While response to this technology has
  been positive overall, it has not yet reached
  wide acceptance due to the complexity of
  collecting and storing individual customer
  fingerprints.

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Biometrics and Credit Cards

• And while biometrics does hold some promise for
  reducing fraud, it still doesnt address the
  issue of counterfeit credit cards, which will
  continue to be an issue as long as biometric
  readers are not widespread. However,
  nanotechnology does hold a great deal of promise
  when it comes to curbing counterfeiting from
  credit cards to designer bags and beyond.

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How Nano Technology Resolve Old Problem

• Nanotechnology Stopping Counterfeiters in Their
  Tracks
• Counterfeit items have been a problem for
  hundreds of years. And in that time, the
  criminals have become more sophisticated, to the
  point where its often all but impossible for
  most people to tell the difference between a real
  and a fake item. There are usually signs, of
  course, but often they are so subtle that the
  victim of a crime doesnt even realize that there
  is a problem until its too late.

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How Nano Technology Resolve Old Problem

• While nanotechnology is probably not going to
  stop counterfeiters from attempting to make fake
  items or credit cards, it has the potential to
  slow them down and keep them from profiting
  from their crimes. South Korean researchers have
  recently developed a technique to create unique,
  random patterns of tiny nanowires that can be
  used to tag items to verify their authenticity.
  By reading the nanowire tag thats stored in a
  unique barcode on the item, the nanowire pattern
  can be compared against the database of known
  authentic items or cards. Much like fingerprint
  technology uses a series of points to measure a
  print against the database to ensure a match, the
  nanotechnology works in much the same way.

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How Nano Technology Resolve Old Problem

• To create the tags, the scientists coated
  nanowires with silicon and placed them in a dye
  solution, which is then dropped on a sheet of
  thin plastic each unique pattern is created with
  20 to 30 nanowires. The patterns were then
  analyzed by an algorithm, which assessed the
  position and color of each wire, and stored it in
  the database. Each pattern was also issued a
  unique barcode. When that barcode was scanned,
  the database checked the pattern stored in the
  code against known patterns. A match meant an
  authentic product, a mismatch indicated a fake.

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How Nano Technology Resolve Old Problem

• While the technology is being touted as a way to
  protect commonly counterfeited items, like
  designer bags and sunglasses, many experts are
  touting the potential applications for credit
  cards as well. Because each nanowire tag costs
  less than 1, and does not require changing the
  appearance of a credit card, many believe that
  its a more cost effective solution than
  replacing compromised cards, which currently
  costs an issuer upwards of 14 or more.

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How Nano Technology Resolve Old Problem

• However, there is still research to be conducted
  on the effectiveness of the nanotechnology on a
  large scale, and the development of readers for
  the cards. Still, because counterfeiters are
  becoming more sophisticated, theres a need for
  more advanced protections, and nanotechnology is
  showing promise to be the type of protection
  consumers are clamoring for.

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Bilpaid use Nano-technology

• To provide more security, Bipaid has started
  using Nano-technology in transaction so it will
  be more secure and transparent.

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For More Info

• Visit
• www.bilpaid.com
• info_at_bilpaid.com
• 1 8022 7611 02
• 44 1924 6010 11
• 91 8001 0040 90