I am so impressed your insight! Please forgive me for off-line of the topic.
Although I don't have stats in my hands, I can explain two things for your understanding how they got over an economic crisis. Way back to mid of 1990s the economic crisis in S Korea was almost same or bigger than last years in US, and it was controlled by IMF. I experienced a big jump on the commodity price, especially 5 times increase over the night for the flour and toilet paper which had never experienced since I was born in. That's why I came over here for a better quality of toilet paper with batter price. First thing government tried to do was campaigning in order for them to turn around an economic crisis; - asking the nation to come out them with Gold from their draw or safe. At that time I also sold my wedding & my children's baby-shower rings to government, in a result world gold market was fluctuated, and gold price was downward. - Secondly Government tried to let people sign on an application for the credit cards as many as possible in order to stimulate a financial infrastructure. At that time my high school nephew had dozen cards, and still using it. Eventually prevailing credit cards worked, and would be able to get over an economic crisis, although they have a social crisis by over-spending as fallout. That's why they need extra wallet for more cards. Sometime economists also don't understand how Korean economy works. One thing I know is they are really superb at campaigning! -----Original Message----- From: IBM Mainframe Discussion List [mailto:ibm-m...@bama.ua.edu] On Behalf Of Sam Siegel Sent: Thursday, January 07, 2010 11:52 AM To: IBM-MAIN@bama.ua.edu Subject: Re: Korean bank Moves back to Mainframes (...no, not back) On Thu, Jan 7, 2010 at 6:36 PM, Ted MacNEIL <eamacn...@yahoo.ca> wrote: > >That's the point of (EMV) "chip" cards. >They are inherently more secure. > > Why are they more secure? > INTERAC Canada has been telling us that they are. > So far, on their web-site, the proof presented has been: "They are more > secure". > > When they sent me my new chip card, through the bank I use, nothing had > changed. > They even kept the same PIN, which is supposed to be a secret. > > Except for a different slot in the debit machine, the process for payment > is the same. > > Where is the 'enhanced' security? > What makes it so? > > I honestly don't know if this is off-topic, because debit cards, in Canada, > are still processed on mainframes, for the Big Five, at least. > > And, the mainframe, if you aren't stupid, is still the most secure > processing environment, chip cards aside. > > (Yes! My bias is showing.) > - > Too busy driving to stop for gas! > > ---------------------------------------------------------------------- > For IBM-MAIN subscribe / signoff / archive access instructions, > send email to lists...@bama.ua.edu with the message: GET IBM-MAIN INFO > Search the archives at http://bama.ua.edu/archives/ibm-main.html > I'm not trying to be argumentative here, but some of the number still don't just add up. On a global basis the largest card processor in the world clears and settles about 10 billion USD on 250 to 300 million transactions per day.. Or about 40 USD per transaction. Assuming that the average in S. Korea transaction is 5 USD. Then 200 million per day is a billion USD per day cleared and settled. This is over 360 billion USD per year. The S. Korean economy is 1.3 Trillion USD (2008) according to the CIA fact book. That would mean that 28% of the S. Korean economy is handled via Credit Card transactions. This is more than 5 times the rate of the rest of the world. If an average transaction rate of 20 USD was used it would be even more extreme. If a lower average transaction value was used, then fees and charges would be a large portions of the profits that merchant would be giving up. Something does not balance. That would ---------------------------------------------------------------------- For IBM-MAIN subscribe / signoff / archive access instructions, send email to lists...@bama.ua.edu with the message: GET IBM-MAIN INFO Search the archives at http://bama.ua.edu/archives/ibm-main.html The information transmitted is intended only for the addressee and may contain confidential, proprietary and/or privileged material. Any unauthorized review, distribution or other use of or the taking of any action in reliance upon this information is prohibited. If you receive this in error, please contact the sender and delete or destroy this message and any copies. ---------------------------------------------------------------------- For IBM-MAIN subscribe / signoff / archive access instructions, send email to lists...@bama.ua.edu with the message: GET IBM-MAIN INFO Search the archives at http://bama.ua.edu/archives/ibm-main.html
