More smart cash card stuff

Biometric Smart Cards to Place Customers at the Centre of Innovation

Silently in the background, a group of disruptive fintech’s have been busy creating the next innovation wave to rock the industry and transform the physical card as we know it. Not only will this address security concerns, but it will break down barriers to bolster the popularity of the contactless card. Make way for the biometric smart payment card.Due to its highly unique nature, a fingerprint is extremely secure and therefore an ideal technology to layer on additional security features within end markets, including payments, where multi-factor authentication is becoming the norm. However, getting a fingerprint sensor on a card has – until now – been a challenge. Cards are extremely thin, lightweight and are passive in nature with no built-in active power source. This is where innovative fingerprint recognition systems come into play, now ready to be attached to the everyday payment card used across the globe.

Cards that know your finger print, likely to be millions of them in 2019.  The article talks about innovation, the uses of a smart ID card are more numerous to be counted.  Users do not trust their telephones for payment, prefer the card.  The wait was about the sensor technology being ready.    The more functional cards will be powered with watch batteries and need plugging in.  This is not a problem since all our financial planning will be on our personal computer devices, the card sitting on a USB port,

These cards will be personal, secure contract managers,  Consider the case that a bank offers cash in advance, to a limit  if borrowers keep a certain reserve against unexpected interest charges.  The card can honor that contract, it can be spelled out in the code in your card.  Now the  cost of  Know Your Customer and due dilligence is gone.  We need only load trhe contract conditions in our card, the lender knows the condition is being met unil one voluntarily quits.  This capability is the holy grail of banking, it means that the lending function can be automated.  No one needs to know the identity of the borrower, or the project being lent for.