FinTech Glossary

Definition

Smart cards are payment cards embedded with integrated circuits that securely store and process data, enabling controlled and secure transactions across digital and physical payment environments.

How Smart Cards Are Used

Smart cards support features such as spending limits, merchant restrictions, and authentication. They are commonly used in prepaid, corporate, and access-controlled payment programs.

Why Smart Cards Are Important

Smart cards improve security and control compared to traditional magnetic stripe cards. They help businesses enforce spending policies at the point of payment rather than after expenses occur.

Business Use Cases

Smart cards are used for corporate spending, travel expenses, fuel cards, and employee benefits. Controlled card programs reduce misuse and improve expense visibility.