Interactive Multitask Credit Card Technology

The convergence of several technologies has allowed the electronics industry to introduce the next generation of interactive multi-tasking financial transaction cards, with embedded power and processing capabilities. The credit card started as a magnetized data plate carrying the owners name, the account number, and the store(s) where it could be used. Several generations of credit cards have come and gone since then. The next generation of credit card-smart cards-incorporate micro processing and data storage capability and provide enhanced security for financial transactions. Smart Cards have not yet gained significant market share in the United States (U.S.). This lack of market penetration is due, in part, for the need to provide power and communications from the card reader to access the smart chip, as well as the perceived lack of apparent value added, given the cost to upgrade an extensive network of card readers to facilitate that functionality. This paper will deal with the next generation credit card. Advances in robust micro-circuitry, nanotechnology, displays, speakers, switches, and battery technology have led to the development of credit/debit cards with significantly enhanced capabilities. By introducing an embedded power source, a credit card can be used to provide novel modes of communication, such as the ability to play audio files or produce complex audio encrypted data and validate the authenticity of the transaction.