Regardless of the outcome, it is crucial that issuers prepare for either of these possibilities. Identify key-player market activities. Determine the appropriate level of market participation. Create an action plan that addresses the organization's strategy. The card provides increased security and information storage well beyond traditional credit card capabilities.
Cardholders can download additional software.
This will allow card issuers to mass-customize smart card features. A basic multi-application smart card benefit is the ability to consolidate payment functionality with software applications and programs tangential to payments. The card-based smart payment application provides the highest level of payment security available by authenticating both the card and the cardholder. A card cannot be used unless activated by the authorized cardholder with a unique identifier, such as a PIN or biometric scan. After the cardholder's identity is verified, the card authenticates by appropriately encrypting and decrypting secret messages in accordance with the system software.