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Credit Card Glossary: Smart cards

Smart cards

Smart cards can have multiple functions, as a credit or debit card or to pay for specific services or used at a particular store. They can contain a wealth of information such as personal contact details and medical history. The first mass use of smart cards was as a telephone card to use in payphones in France in 1983.

A common use for a smart card is as an electronic wallet so that it can be loaded up with funds to pay for services such as parking and travel. One of the most popular smart cards in the UK is the Oyster Card, which is used for travelling on public transport in London.

See also: Financial Services