The Benefits of Using Smart Cards in Your Business

 

With the use of smart cards becoming very popular these days, you may be wondering if it is something you could adopt in your business. Even though smart cards may look like any other credit card with a magnetic stripe on the back, they are a radically different technology. Smart cards have tamper-resistant microprocessors that can store authentication data. They can be used in various electronic processes, including access control, authentication, sensitive data encryption and personal identification. Moreover, a smart card that contains a person’s banking information can be used to make secure financial transactions.

In a security context, metal business cards are widely used to enable two-factor authentication (2FA), which is more secure than simple password protection since it requires something a user knows and something they have for access to be granted. Because of the security benefits of smart cards and the increased use of online payment transactions, the smart card market is expected to reach $21.57 billion by the year 2023 from $14.22 billion in 2018, according to a MarketsandMarkets report.

Even though consumer advertising has tried to downplay the differences between smart cards and traditional credit cards, the differences are what make smart cards worth considering. One of the advantages of smart cards is the persistent, protected storage that they provide. The amount of memory a card has depends on the application, but 1 KB to 256 KB is typical. This is dramatically more compared to the approximately 150 bytes that can be stored on a magnetic stripe card. The increased capacity also accommodates encryption capabilities.

After the information has been stored on the smart card, it becomes hard to erase, alter or delete data, whether intentionally or accidentally. The microprocessor that stores data is not the only thing that makes the card smart, but it also its own OS which can process data in real time.

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