COMPETITION IN MARKETING SMART CARDS, AND SECURITY

These calling learning abilitys have computing machine potato chips that contain a vast array of information well-nigh the cardholder and her or his finances. The drawback to these cards is acquisition cost for the issuer. The major pert card technology is the Mondex card developed in the fall in Kingdom.

Drexler engineering Corp. unveiled a data storage return a multi-function chip/optical pert card in Paris in 1994. The multi-function, combined-technology card featured a metre integrated circuit (IC) chip on one font of the card and to a greater extent than one megabyte of tape/ import optical data storage on the other locating all within the standard credit card size ("Drexler Technology Unveils Multi-function Chip/ optical Smart Card as Paris Card Technology Show," 1994).

The chip/optical skilful card provides the data retentiveness capacity, versatility, and upgradability that transaction-function that earlier IC chip cards lacked. When a consumer-transaction card system is to have a long operational life, the design needs to be adaptable to changing consumer needs and marketplaceing objectives. By including an inexpensive read/write optical memory stripe in the design, it is come-at-able to add a number of functions as demanded by market needs. The use of an optical memory stripe plus a small memory chip instead of an expensive, larger memory chip minimizes the cost of the card ("Drexler Technology Unveils Multi-function Chip/Optical Smart Card as Paris Card Technology

In 1996, British consumers began development Mondex cards to pay for public transport f ars. This use of the Mondex card to pay mass transit fares is made possible by a building block called the Modula-Executive, which is compatible with PCs supporting VGA video standards and connects to the mainframe via a single cable. Activation of the 10.4-inch touch-screen (TFT active-matrix) can be by either finger or electronic pen ("British Try Bus Cards," 1996).

In Australia and other Pacific nations, more than 80 percent of consumers rely on the use of pain cards ("Consumers Give Thumbs-Up to Smart Cards," 2001). This level of acceptance last will occur in the United States.

The primary number one wood of consumer acceptance of suffer cards in the Pacific nations is convenience. Importantly, the countenance strongest driver for consumer acceptance in the Pacific nations is security. These consumers believe that smart cards are secure ("Consumers Give Thumbs-Up to Smart Cards," 2001).

CyberCash is real an American company founded in 1994 with headquarters in Virginia. It offers an internet based payment service called "The Secure Internet honorarium System." This system consists of acknowledgment Card Service, CyberCheck, and CyberCoin, which correspond to credit card substitution, check substitution, and silver substitution systems, respectively. The check substitution and cash substitution systems rely on the use of smart cards. CyberCash began Credit Card Services in 1995 and started CyberCoin smart card serve in 1996.

British try bus cards. (1996, March 18). perseverance Week (245), 41.

Unlike debit cards, the introduction of which occurred in the early-1990s and are in wide use in the United States, smart cards do not require consumers to enter private identification (PIN) numbers. Instead, the money downloaded to a smart card becomes the analogous of cash. To use it, a consumer merely slides the smart card into a slot in a interface small unit at a merchant, and the virtual cas
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