Smart Cards: The Future of Buying with Enhanced Transaction Security and Convenience

Published By : 04 Mar 2016 | Published By : QYRESEARCH

The increasing demand for reliable and secure payment transaction across the BFSI and retail industry has fuelled the market for smart cards. In addition, the increasing count of mobile phone subscribers globally and the cost-effective schemes for merchants by a number of payment brands including Europay, Visa, and MasterCard has also augmented the market for smart cards.

The key benefits of using smart cards are as follows: 

  • Convenience: Smart cards are more convenient and safer to use and can be carried easily as a single card rather than a bundle of dollar notes. Having one card in the wallet, all kinds of money transactions can be carried on, bills can be paid, and purchases can be made. Utilizing the number of the card or via swiping, money could be transferred or paid via one account to another without any hassle.
  • Security: A significant advantage related to smart cards is the inbuilt security and the protection of data stored within them. Transaction security is a great feature related to smartcards. Each smart card has its own unique serial number and can perform encryption, thus resulting in secure transactions. Nowadays smart cards come with a chip operating system having error checking functionalities. As digital signatures can be stored by these cards, the validity of the information stored within them and the organization that issues the card can be checked.
  • Processing and Storing of Information: A key advantage of smart cards is their ability to store as well as process information. Via the smart card readers, a person is able to communicate with a number of other computing devices. The unique serial number of these cards help to easily identify users. In addition, smart cards also have the ability to get electrically erased owing to which they can be easily modified. Thus, information on a particular card can be updated without the requirement of issuing a new card. Smart cards can also serve as identity cards within medical facilities, in offices as well as in a number of educational institutions.

Owing to the growing benefits of smart cards, their demand is poised to rise in the coming years, thus boosting market growth. However, initial expense in migrating to readers that are smartcard compatible may restrain the growth of the market in forthcoming years.

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