When the topic looms forwards to smart cards, then the future for it is still very promising.
These cards look like the pieces of plastic which you now carry in your wallet. But they are not like the usual plastic dummies. They are like credit cards and they have the magnetic stripe on the back of the card with the name and the account number embedded on it.
They store a lot of information and are embedded with the chips that store a lot of information and the data can constantly be updated with new information and it can also be downloaded directly on a network or device.
The applications that are used with them are diverse. It is great when you do not have to constantly carry multiple documents of your health history, insurance data etc. They can double up as stored value devices and they can be loaded without the buying power and then it can be spent like you spend the cash without the amount going from your pocket but to your account.
The question that arises is how many of them do you carry on a daily basis? May be none of them! You probably may be carrying the versions of the stored value cards like the prepaid phone card and they follow the dumb card technology.
There are companies that are into manufacturing Magicard printers and Gemalto cards.
This process had started long before, but they got delayed due to the difference in the banking systems of the banks of diverse countries. There are some banks that are issuers of the cards and some of them are the acquirers and some are both of them. So the whole thing revolves under this system and there is a difference between these banks in terms of the suppliers and providers.
If a bank is an issuer, then the card can be issued easily, but if the bank is an acquirer then the infrastructure needs to be updated in a huge way.
Now with the advent of contactless technology the customers will be paying for their purchases without actually swiping the card. This technology is faster in retail applications, fast food chains where the transactions are smaller and the speed of getting the transaction done is quick. Merchants like this technology as its usage increases with every transaction. The merchants can use the Gemalto cards and the Magicard printers for greater accessibility.
They are also widely used in mobile phones where one can store not only the account related information, but also add the sign on verification and personal phone book information etc.
These cards look like the pieces of plastic which you now carry in your wallet. But they are not like the usual plastic dummies. They are like credit cards and they have the magnetic stripe on the back of the card with the name and the account number embedded on it.
They store a lot of information and are embedded with the chips that store a lot of information and the data can constantly be updated with new information and it can also be downloaded directly on a network or device.
The applications that are used with them are diverse. It is great when you do not have to constantly carry multiple documents of your health history, insurance data etc. They can double up as stored value devices and they can be loaded without the buying power and then it can be spent like you spend the cash without the amount going from your pocket but to your account.
The question that arises is how many of them do you carry on a daily basis? May be none of them! You probably may be carrying the versions of the stored value cards like the prepaid phone card and they follow the dumb card technology.
There are companies that are into manufacturing Magicard printers and Gemalto cards.
This process had started long before, but they got delayed due to the difference in the banking systems of the banks of diverse countries. There are some banks that are issuers of the cards and some of them are the acquirers and some are both of them. So the whole thing revolves under this system and there is a difference between these banks in terms of the suppliers and providers.
If a bank is an issuer, then the card can be issued easily, but if the bank is an acquirer then the infrastructure needs to be updated in a huge way.
Now with the advent of contactless technology the customers will be paying for their purchases without actually swiping the card. This technology is faster in retail applications, fast food chains where the transactions are smaller and the speed of getting the transaction done is quick. Merchants like this technology as its usage increases with every transaction. The merchants can use the Gemalto cards and the Magicard printers for greater accessibility.
They are also widely used in mobile phones where one can store not only the account related information, but also add the sign on verification and personal phone book information etc.
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