As a stored value card or electronic purse, smart cards provide a flexible and secure alternative to cash. With many retail transactions still being paid for by cash, there is enormous opportunity to eliminate cash handling costs and provide for loyalty schemes and customer incentives. In transportation applications, contact less smart cards are fast, increasing the speed of boarding and transit. They provide opportunities for transport management, as well as a reliable means of apportioning revenue between transport operators.
In health and identification applications, the card can securely carry personal information including photographic and biometric data. This information can be accessed and updated by authorised parties. For many countries in the Asia Pacific region, smart card technology offers the benefits of secure, reliable transactions without the need for an established telecommunications infrastructure. Transactions are validated at the point of use through advanced cryptographic technology avoiding the need for online communications. In telecommunications applications, smart card technology has supported the move to digital mobile phone networks again providing freedom from the need for infrastructure.
Microprocessor or memory chips can be used either on existing products such as credit and deposit access cards, or on stored value cards (SVC). These cards allow consumers to load a certain value and then use the card for small transactions such as in newsagents, buses, trains, taxis, telephones, and fast food outlets. Compared with magnetic stripe technology, a smart card is a more intelligent and secure device, and can store increased amounts of data. It is also more durable offering a longer life cycle.
Microprocessor smart cards effectively perform some of the tasks performed by a personal computer, and do so rapidly and cost-effectively. They are portable and relatively small, and offer benefits to both consumers and business which can be summarised as follows:
- a high level of security, resulting from advanced user/terminal authentication procedures, standardised use of PIN numbers and passwords, in-built resistance to unauthorised access, and cashless transactions;
- increased convenience in terms of reduced volume of paper transactions, reduced need for notes and coins, quicker transactions, and provision of a wider range of services;
- cost-effectiveness of the technology, as smart cards are cheap to produce and manage for the level of security they provide, and generally they require less maintenance than the technologies they replace;
- multifunctionality that potentially allows a single card to be used for different purposes e.g. Electronic cash, ID, and security access tasks could all be performed by the same card thus reducing the need for multiple cards.
In all applications, smart cards enhance consumer convenience by avoiding the need for cash, while reducing cash handling costs and the risk of theft.
EMV™ Based Solutions
Issuing EMV™ based cards is now easier and less expensive than you ever imagined. Our smart card division offers a complete EMV™ based solution, designed exclusively for first-time issuers, that makes the process as simple as issuing ordinary magnetic stripe cards. Best of all, the simplicity of our solution also makes it highly affordable and you get to maintain complete control over your cardholder data.
Emerging EMV™ Requirements Banks in most parts of the world face a fast-approaching deadline for EMV™ based card issuance. You need to begin issuing smart cards or assume greater liability for financial card fraud. The EMV™ based solution lets you meet impending deadlines, without disrupting your current card operations or creating extra work for your IT department.
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