Smart Cards – Visa PayWave and MasterCard PayPass Contactless Credit Cards
Information verified correct on May 27th, 2016
Able to detect a credit card reader and to store information, Smart cards and Contactless credit cards certainly redefine consumer transactions.
Smart Cards & Contactless Credit Cards available in Australia
Smart cards are the newest innovation in credit card security. These cards contain an embedded integrated circuit chip that is either a secure micro controller or a device with internal memory. By using direct contact or remote contactless radio frequency the card interfaces with a reader whenever you make a transaction. These cards are able to store significant amounts of information and carry out certain functions like encryption and mutual authentication. They can even interact in an intelligent fashion with the smart card reader.
Technology of smart cards
Smart cards conform to international standards, ISO/IEC 7816 and ISO/IEC 14443. They are available in many forms cards, fobs, and SIMS (subscriber identification modules) in GSM mobile phones, and USB tokens.
Contact or contactless:
Contact cards need to be inserted or swiped in a smart card reader that has a direct connection to a conductive contact plate on the surface of the cards. These physical contact spots transmit the commands, data, and card status.
Contactless cards only need to be close to the reader. The card and the reader both have antennae and communicate through radio frequencies. The range is about one -half to three inches making them good choices for things that need a fast card interface.
Hybrid cards have two chips. One for contact and one for contactless interface, these to chips are not connected.
Dual-interface card has on chip that has both contact and contactless interface.
Chips technology used in smart cards are either: micro controller chips or memory chips
The memory chip is similar to a floppy disk with added security. They are less expensive and have a less security control then micro controller chips.
Micro controller chips have the ability to delete, add, and manipulate the data in its memory. It works like a mini computer that has an input and output port, an operating system, and a hard disk.
Choosing the technology of a smart card depends upon many issues including how it will be used, the market it will be used in, the budget set for it in your business model, and the plan for shared application cards.
How are these cards used?
Secure identification like employee badges, citizen identification documents, electronic passports, online authentication, and drivers licenses.
Healthcare applications like portable medical records and patient or physician identification cards.
Payment applications with credit or debit cards and transit payment cards.
Smart cards are the wave of the future. It is not science fiction to think that in the very near future we will all have one card that contains all of our personal, financial, and medical information stored on it.
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Technology has advanced at a fast rate that banking institutions and credit card issuers are constantly planning new techniques to stay ahead of anyone planning to steal customers' financial information for criminal activities. This technology can more effectively stop a criminal from duplicating as compared to the magnetic stripe. The chip cards were designed to minimise fraud, making banking transactions more convenient. Chip cards are convenient and faster because with it, you can just swipe, sign, and go.
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