Smart Credit Cards are similar visually to a simple plastic credit card, except they incorporate microprocessors built in to the card itself usually beneath a gold colored contact pad on one side of the card. As their name suggests, these microprocessors can actually process data, meaning it receives input and delivers an output. It can be seen as a substitution for the traditional magnetic strip, that can be easily read or manipulated. The microprocessor in a smart credit card applies cryptography and is there for security purposes, card readers provide the external power source needed. They can be used with a smart card reader attachment to authenticate the user on a personal computer.
What is a Smart Credit Card
While it is invisible to the user, Smart Credit Card cryptography employs an elaborate protocol crucial to its utility.
- Similar to a PIN number, users of a Smart Credit Card must confirm their identity any time a purchase is made.
- The card and its respective reader an encrypted sequence of signatures and counter signatures to verify that each is interfacing with a genuine equivalent. Once identity has been established, encrypted transactions are carried out to keep either party from later attempting to impersonate the other, or in other words deceiving the system.
Another benefit of the Smart Credit Card is the fact that its capacity can house multiple applications, meaning that a single card is capable of many kinds of transactions. A Smart Credit Card makes it possible to make purchases with several different accounts without having to reach in to a wallet multiple times to find the right card, only one would be needed. While they are increasingly available internationally, Smart Credit Cards are available mostly to people who participate in special programs.
Making a Smart Credit Card payment online is usually a convenient and safe procedure that is becoming increasingly popular. It is a fast and easy alternative to traditional payment methods and it is incredibly secure. Technological advancements have made this approach trustworthy and efficient. Personal information transmitted through a secure website is protected from third party viewing by through cryptographic protocols like SSL.
Most major banks and companies have procedures in place to make a Smart Credit Card payment online. These methods employ direct account transfers that eliminate the redundancy of paper and the uncertain waiting period that postal transactions entail. Transaction details are easily tracked and almost instantly available for viewing, so that consumers can be appraised of the status of their pending payments readily without long hours spent waiting. It also eliminates the need to maintain bulky records, almost all institutions offer years of statements for online viewing to its customers and account holders, another convenient alternative technology has brought to credit holders worldwide.
