ll, 1995).
The uses and applications of smart cards have only begun to be realized. They can be used in small markets, like a college campus, or world wide over the Internet. How they will be used, to our advantage or disadvantage, is also only beginning to be explored.
The number one advantage to either the individual or the monetary system involved in using a smart card is convenience. In traditional transactions between sellers and purchasers, cash or credit needs to be presented, verified, and stored. Both parties have to deal with security issues and the theft of cash or credit can cause problems. While credit cards can be voided with a phone call, cash is not cancelable. While cash provides the user with a certain independence, that independence infers no security (Allen, 1995a).
For the buyer, the smart card is a direct replacement for cash, effectively acts as cash, but is useless to a thief. Without pin numbers or encryption codes, smart cards are essentially junk. The smart card, complete wi
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