Smart cardA smart card is a payment card embedded with a computer chip, essentially functioning like a mini-computer on a card. The memory and the computing power of the chip on the card could transform payments in many ways. The chip, a true technological breakthrough, holds at least 80 times more data than the magnetic stripe on existing credit cards.Unlike the magnetic stripe, the chip can process data as well as store it, and because each program on the chip runs on independent software, several different programs can operate on the same card at the same time.An added bonus: the smart card is a more secure method of payment that protects the cardholder’s account information from fraudulent use.
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