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For the past decade, Europe has been the world's number one maker of smart cards, the
pocket plastic with an embedded chip that stores reams of financial and other
information.In the meantime, American markets are trying to switch over to chip based
cards but the consumers and merchants are not as enthusiastic.In this analysis, I will
Buy cheap Credit Card Industry: Smart Cards term paper
compare two different articles that have separate views about smart cards coming to the
United States.
In August 000, Business Week published an article about the future of smart cards
coming to the U.S.The article contained nothing but positive aspects of the new
technology and its perks for consumers.It seemed the article was written simply to boost
the idea of the smart card to holders of the cards.The article did not mention the
business owners views or card issuers views.The article was also very statistical in the
prospects of the smart card in the years to come.For example, the article says that
companies and government agencies will have an annual sales growth of 100% if the
smart cards take off in the U.S.Since smart cards have a chip it can verify the users
passwords and even fingerprints thus bringing a whole new network security feature.
The Business Week article also looks at how smart cards will bring annual sales
growth of 4% for Pay TV users.Couch potatoes can now enter their credit card
numbers directly from their comfort of their homes and order anything on television that
interests the person.The problem with this estimate is that Pay TV has not been
introduced in the United States yet so this option will not be available for a few years to
come.
The most prominent feature that smart cards can help consumers right now is the on-line
shopping features."Consider what happens when you buy online with your credit card.
A secure server will probably encrypt your account number, but the merchant might store
it on a vulnerable computer network" (Business Week).This is a definite problem that
consumers worry about.Last winter, a hacker stole 00,000 credit card numbers from
online music retailer CDUniverse who stored their credit card information on a private
computer network.If, however, you slid a smart card into a reader on your PC and
entered your password, the merchant would never get to your account numberonly a
code authorizing the sale.This feature is the only current item that would benefit getting
a smart card as a consumer.
The assumptions this article makes is just that, assumptions.Everything written makes
smart cards seem like there is nothing that could stop the roll out of the smart card
production but it does not look at the merchant side of the equation.This article would
make anyone excited about getting a smart card in their wallet but the businesses are not
prepared to deal with the technology advancement.
Transaction Trends is a monthly magazine sent to credit card processing companies and
related fields.In the October 001 edition, Lauri Giesen wrote an article that is more
realistic for businesses and smart card preparation.Ms. Giesen has recorded early tests of
smart card transactions at the Olympics in Atlanta and in the upper West side of New
York.The trial period "failed to excite merchants on the prospect of accepting smart
cards.And Internet-based smart card applications are progressing slower than many had
expected"(Giesen).
The article that Lauri Giesen wrote spoke to the business owners and card issuers side of
processing the smart card transactions.It was not all negative aspects of the future of
smart cards.She noted that merchant loyalty programs may have breathed new air into
the smart card applications.It will give something to everyone.Consumers will like the
ability to get free purchases and discounts through such programs.Smart card chips store
the activity of the consumer at certain businesses and if they ensue the loyalty program
then business can expect an annual growth rate.It is expected to be more effective than
clipping coupons or direct mailings.
Card issuers have long been interested in the ability to reduce card fraud.The chip
embedded in the card gives that feature, Laurie points out.The issuers will be able to
differentiate their cards while at the same time use the chip to cut down on fraud and
misuse.
One fact that Ms. Giesen notes is that all the U.S. merchants that have credit card
equipment in their business would have to upgrade to a higher technology that would
accept smart cards.Smart cards do not get "swiped" as regular cards do.You insert the
card into the machine like a disk into a computer and wait for the credit card terminal to
read it."There just hasn't been a good reason for merchant to invest in the extra
equipment needed for smart card acceptance"(Giensen).
The two articles both raised the question of the future of smart cards in the United States.
The article from Business Week you might think was written by a smart card company or
by a person that stood something to gain from the issuance of smart cards.But the ither
article written by Lauri Giesen was by far more realistic.It gave pros and cons from the
business perspective and introduce another feature, the loyalty programs that reward you
by shopping at the same place over and over.
Either way, smart cards are a definite for the United States.American Express has
already rolled out their smart card program with over a million consumers already smart
card capable.The company that introduced smart card technology, Gemplus, is now
developing chips that enable watches and even eyeglasses to receive and process data.
With technology moving at the rate it is there is no reason why not to accept it and enjoy
the new features available to us today, tomorrow or in the future.
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