Abstract :
A smart
card, a type of chip card is a plastic card embedded with a computer chip that
stores and transacts data between users. The card data is transferred via a
reader that is part of a computing system. Smart card-enhanced security systems
are in use today throughout several key applications, including healthcare,
banking, entertainment and transportation.
To various
degrees, all applications can benefit from the added features and security that
smart cards provide. According to Dataquest, the worldwide smart card market
will grow to 6.8 Billion units and $11 Billion by 2006.
Introduction
of smartcard technology has found its way to a number of proprietary financial
applications like credit/debit card transit application, Personal
Identification card, loyalty card for purchasing applications...etc . This paper covers smart
card and mobile payment schemes that are available in the market.
With the introduction of high ended
smart card like java card as SIM card, even mobile phone is also equipped with
payment applications. The next section describes briefly about the existing
payment schemes in market. Also we cover in brief the potential of mobile payment schemes in
the coming years. In the final section gave a small survey result regarding the
future of electronic payments.
The smart
card is one of the latest additions to the world of information technology. Similar in size
to today's plastic payment card, the smart card has a microprocessor or memory
chip embedded in it that, when coupled with a reader, has the processing power
to serve many different applications. As an access-control device, smart cards make personal and
business data available only to the appropriate users. Another application
provides users with the ability to make a purchase or exchange value. Smart
cards provide data portability, security and convenience. Smart cards come in two varieties: memory and
microprocessor.
Memory
cards simply store data and can be viewed as a small floppy disk with optional
security. A microprocessor card, on the other hand, can add, delete and
manipulate information in its memory on the card. Similar to a miniature computer,
a microprocessor card has an input/output port operating system and hard disk
with built-in security features.
On a fundamental level, microprocessor
cards are similar to desktop computers. They have operating systems, they store data and applications,
they compute and process information and they can be protected with
sophisticated security tools. The self-containment of smart card makes it
resistant to attack as it does not need to depend upon potentially vulnerable
external resources. Because of this characteristic, smart cards are often used in
different applications, which require strong security protection and
authentication.
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