Smart Cards Vs. Smart Card Technology

• Even with open installment some type of Smart card is normal for kids, poor people and the individuals who would prefer not to uncover their credit and platinum cards to the framework.

20.) Smart card A smart card is a plastic card about the size of a credit card, with an embedded microchip that can be loaded with data, used for telephone calling, electronic cash payments, and other applications, and then periodically refreshed for additional use.

As technology advances over the years, we have experienced and noticed that the trend in how payment are received have shift tremendously. Twenty years ago, check was the preferred way of payment. In today’s world, more and more payments are done by credit cards. Credit card transactions are instance that provides a faster payment method.

Unlike a security access card with a magnetic strip, the smart card has many uses, including building access control and storing value for consumer purchases.

This project analysis the Money and E-Wallet current situation and gives a brief of Money and E-wallet, and also studies the present Advantages of Money and E-wallet and their uses.

This paper has been done to concentrate on smart health cards which would be very useful to patients who suffer from chronic illness. Smart cards are used for personal identification and transfer of health data and

Redesigning of these cards is a part of the Next Generation Secure Identification Document Project. The new cards will have fraud resistant security features and enhanced graphics. These new features will make the cards highly secure and tamper-resistant.

A new type of credit card is starting to become more familiar in the Unites States, called a chip-and-PIN card. The chip-and-PIN cards contain an embedded security chip and a traditional magstripe. This embedded security chip ensures that the card cannot be duplicated, as it masks the payment data uniquely each transaction. The problem with this alternative is that they cost significantly more to make than traditional payment cards and most merchants do not have systems that are capable of accepting the new chip-and-PIN cards. However, in October of 2015 if you have not changed your systems to support chip-and-PIN cards, the liability of the data breach now falls on the merchant, rather than the banks.

Compliance is of high importance. Payment Card Industry Data Security Standard (PCI DSS) has specific guidelines that must be followed. Linux and open source infrastructure is able to handle security demands listed by the stated legislation and regulations. Security audits will be completed according to the specified policy. Kernels can be customized and access controls can keep the system locked down. The suitable security framework that forms the basis of the recommended

27). The Smart Pay and the Smart Pay2 systems were implemented to simplify the micro purchase payments. The SmartPay card assists small business owners obtain quick and easy payments in the simplified acquisition process with the General Services Administration.

This business is aimed at finding new solutions for the card swapping and pursuing the planning for less risk of the PIN code theft. The Card owner will issue the Thumb Scanner code at the start of the working. Four various market segments have been identified by Smarthumb as they will be more interested in the smarthumb (Kale & Nanda, 2014b). These are the most important segments of markets including,

Smart Card LLC has failed to correctly identify its target market and understand its size. They want their product to appeal to the masses. Successfully implementing a one size fits all product without a specific marketing scheme is likely to fail.

3. Encrypt transmission of cardholder data: Whenever the card data is transmitted, it always need to be in encrypted

Most modern banks cards are embedded with passive tags, which allows secure payments to be made when in close proximity with the reader (referred to as contactless payment). In Australia transactions under $100 can be made without inputting the PIN, this helps improve the efficiency of transactions, and thus reduces waiting times (Heffernan, 2016). Contactless cards are also commonly employed in Public transport systems around the world. For instance, in greater London Oyster Cards possess passive RFID tags which streamline transaction efficiency and reducing waste from paper tickets across public transport (Muller, 2016).

Swipe cards use a magnetic stripe containing the necessary banking details, found on the back of the card. These types of swipe cards are outdated and have been upgraded with chips, which provide better security of data through complex encryption. The widely accepted method of two factor authentication utilises this chip as well as a PIN that the card owner knows which strengthens the security design.