Absolutely not. Microchips are great for permanent identification that is tamper-proof, but nothing replaces a collar with up-to-date identification tags. If a pet is wearing a collar with tags when it's lost, it's often a very quick process to read the tag and contact the owner; however, the information on the tags needs to be accurate and up-to-date. But if a pet is not wearing a collar and tags, or if the collar is lost or removed, then the presence of a microchip might be the only way the pet's owner can be found.
Your pet's rabies tag should always be on its collar, so people can quickly see that your pet has been vaccinated for this deadly disease. Rabies tag numbers also allow tracing of animals and identification of a lost animal's owner, but it can be hard to have a rabies number traced after veterinary clinics or county offices are closed for the day. The microchip databases are online or telephone-accessed databases, and are available 24/7/365.