Part 1 of Essay
are transforming business around the world from reducing fraud and opening up on-line transactions in banking, personalizing services for mobile phone users, to securing access to PCs and corporate networks, and speeding transportation by using electronic ticketing. The most common uses of today are: banking and retail, ....

Part 2 of Essay
.... pro-vide: · can be used as credit, direct debit, or stored value cards. · Reduce fraud, due to the difficulty of counterfeiting the microchip, and due to the mutual authentication required between cards and terminals. · Require transactions to be approved via individual PIN codes, not by signature, again reducing fraudulent use. · Enable loyalty schemes to be effortlessly integrated, giving regular card customers advantageous services (discount on-street-parking, in-store reductions etc.). () ....