Smart living in Hong Kong

New technology could pave the way for world's first cashless society

Hong Kong may not be regarded as a centre for information technology, but it could position itself as the first cashless society in the world with its extensive use of smart cards in commercial applications.

A smart card is a credit card-sized plastic card embedded with a single integrated circuit (IC) chip. In recent years, smart-card technology has penetrated almost every aspect of our daily lives. More and more companies in retail and transportation are incorporating this technology into their business models. Organisations, in sectors such as banking, transport, telecommunications, access control, credit and debit cards, and government departments, are adopting the cryptographic technology on which smart cards are based.

Security for information, such as credit-card transaction records, private correspondence, company information, identity card numbers, bank accounts and other personal details, is vital and creates an increasing number of IT positions and functionaries not only in the field of engineering, but also in sales, marketing and business development.

Denny Wong Yiu-chu, chairman of Advanced Card Systems Holding, said: 'Smart cards represent a good means to enhance the security of using e-commerce. The Hong Kong identity card uses contact-based smart-card technology, and mainland China too has already issued some 800 million second-generation identity cards using contactless technology.'

Advanced Card Systems Holding develops, manufactures and supplies smart-card readers, smart cards and related security products.