Routledge Dictionary of Economics, Second Edition
A CREDIT CARD with a built-in store of information about the holder and his or her financial state. The information is stored in a wafer-like microchip embedded in the plastic.
These were pioneered in France where 3 million had been issued by the end of 1986. Banks and credit companies are prepared to pay the greater production cost of these as they are less likely than earlier types of card to be fraudulently misused. They could be the dominant card for financial transactions in the USA and many OECD countries in the near future.
See also: carte à memoire
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