Contactless Bankcards

Contactless bankcards in the North American market today are ISO/IEC 14443, the world’s most popular smart card.

Unlike magnetic stripe credit cards, a contactless bankcard is equipped with a micro-processor that has its own microprocessor, operating system, memory, and encryption. Smart cards will gain wide acceptance because they provide an unprecedented level of security.

• Fast reading speed: 0.25 seconds
• Low maintenance cost
• Contactless – RF card activates within 10 cm of reader
• No need to remove card from wallet
• Fault rate 0.01% compared to 3.5% with magnetic stripe (M/S) cards
• High security from encryption algorithm – cards registered with bank can be replaced if lost and usage denied by machine reader if card is tampered
• Automated transaction and information management for transit agencies
• Proven technology: RF transit credit/debit card automated fare collection has been running successfully for 8 years in the Seoul Metro

Contactless bankcards have a magnetic stripe on the back which the bank can encode in the usual way, so the cards have all the functionality of the current cards.