Community

1. Current cards already do contain microchip, memory and antenna (contactless). The microchip is used for processes such as encryption, so no "plaintext" data can be extracted from the card. The cards do not need to have a battery - a current induced from POS terminal can be enough to power the required functions.

2. Yes, the data is validated locally, not by a server, which significantly expands potential use cases (no internet connection is required). The data can be transmitted to the on-card storage via radio signal. In the case of fingerprint cards, the enrolment can be done either in the bank or through a dedicated terminal. Usually once the required data is transmitted, the storage is rendered read-only, so that the fingerprints cannot be changed later by fraudsters.

3. Globally, the card acceptance is much more widespread than mobile payments. Fingerprint cards function just like normal cards, no upgrade of POS terminals are necessary. Both apps and cards have their uses and in brick-and-mortar world the payment via card still makes a lot of sense.