Published Date : May 05, 2016
Smart cards are integrated chip-based cards that store and retrieve information with the help of various computer systems. Smart cards contain central processing units and memory units. Smart cards are cost-effective means to store, maintain, and manage credentials of users. As a result, these cards are widely used across various sectors such as BFSI, telecommunications, and government.
The decline in prices of SIM cards and the increasing trend of migrating to EMV standards has fuelled the adoption of smart cards across various end-use sectors. Rise in data thefts through fraudulent activities has further led to surging demand for secure and expedited transactions, and identification and communication solutions. These factors have augmented the growth of the global smart cards market. However, initial high cost to migrate to smart card compatible readers will affect the adoption of smart cards. The overall smart cards market has a huge opportunity to grow with the introduction of high-end SIMs.
Smart Cards for University Scholarships Introduced in Jakarta
In Jakarta, smart cards will be used to provide university scholarships from this year. Students will be entitled to get scholarships worth US$1,352 from the government to attend any public university in the country. The scholarship money can be utilized to cover tuition fees as well as university-related daily expenditure. Jakarta has already introduced smart card in schools since 2012 and is being used extensively by students.
In Japan, public transit smart cards have been introduced to be used as commuter passes between two stations and storing fares for other destinations. For example, Shinjuku station in Tokyo is one of the busiest station worldwide and smart cards help commuters through the ticket gates in merely 0.2 seconds, thereby managing a smooth flow of around 3.6 million passengers every day.