Many new smartphones come with an NFC, or Near Field Communications, chip that lets the phone be used as a digital wallet. For security purposes, NFC transactions require a special authentication method and that can now be on a removable card. On Thursday, the SD Association announced a new standard for smartSD cards, a microSD memory card with a Secure Element for NFC transactions. The card can run wallet-like applets for digital payments when used with an NFC-enabled device.
Instead of having different physical smart cards, applets could take the place of plastic. Why carry a different card for your bank, your transit pass and a retailer’s loyalty program, when software applications can take the place of these? Consumers would benefit by carrying (and potentially losing) multiple cards and instead just carry their phone.
The SDA already supports microSD cards that have both the Secure Element and an NFC chip…
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