Powered Smart Card Is Becoming Significantly Popular Among Financial Institutions For Sophisticated Payment Methods

Powered Smart Card

 The adoption of the powered smart cards by financial institutions has contributed to its phenomenal growth. The expanding global demand for safe and reliable payment transactions, improved authentication for commercial, institutional, and residential properties is driving the increase of the powered smart card industry. In addition to enhanced security features, these cards can also be employed as automatic bar code scanners in offices and at checkouts. They are useful for data collection and can provide access to protected information. This type of card can support any application that requires secure, password-protected access and will work with any application that uses the transponders standard OPC fingerprint scanner.

There are many benefits to implementing the use of powered smart cards. They include a simplified payment system, reduced fraud, paperless offices, decreased chargebacks, and no more need for backup printing papers. Furthermore, they can be embedded with a variety of applications. The opportunities for the powered smart cards in business are vast and can be implemented into a wide range of environments. These include casinos, retailers, telecom, travel companies, hospitals, restaurants, educational institutions, and many other retail outlets. Banks have already started offering contactless debit and credit card services as part of a pilot program to test the new technology. This type of service allows mobile phone subscribers to withdraw cash from their accounts and pay merchants electronically.

Experts have also noted the coming years will see the integration of GPS tracking devices into smart cards. The ability to track someone from a distance using their mobile phone and through the data sent to the handheld device will allow for safer transactions at all times. The availability of this technology will open up new opportunities for the delivery of goods as well as for consumers. Recently, in March 2021, IDEMIA, G+D, and NXP Semiconductors collaborated to form the White Label Alliance (WLA), in order to offer smart card and online payment solutions.  

Location: India

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