The last few years have seen the most dynamic changes in payment card technology since the first magnetic stripe cards were introduced in the late 1960s. Microchip technology has transformed the way in which banks and other financial institutions look to offer their services. It provides cardholders with the ability to store and carry an unprecedented amount of information and processing capability in their pockets while enhancing security. The challenge for all players within the smart card arena will be to work together to provide end users with the appropriate chip technology. It is hoped that this book will go some way to explain what has been achieved to date and what still needs to be done.
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Mike Hendry (1998) studied this question.