Asia-Pacific consumers favourable about smart cards

Asia-Pacific consumers believe smart cards offering new payment options, greater security and more convenience will revolutionize the way people pay.

About 73% of the residents in the survey commissioned by Visa Asia Pacific predict smart cards, also known as chip cards as they cary an embedded microchip, will become an important part of everyday life.

The poll involving more than 1,800 respondents in Indonesia, Thailand, Malaysia, Taiwan, Australia, Hong Kong, Japan and Singapore found 68 per cent said the cards were the most important items in their wallets or purse.

Compared with the magnetic strip card, a smart card offers more services, convenience and choice.

Those polled were consumers between the ages of 18 and 50 who owned at least one type of payment card and a mobile phone or a computer.

The Asia-Pacific ranked second in chip deployment after the European Union.

“Smart cards can store encrypted, confidential information, which is significantly more secure than on a magnetic strip card,” said Peter Manners of Visa Asia Pacific.

“Chip cards can also combine multiple functions or applications from different industries such as loyalty or discount points, identification, access, transit or health information,” he added. (dpa)