We often pay attention to the chips in our bank cards. But why are they needed? How do chip cards work? What does the future hold for us in the field of payment systems?
In 2006, people did not believe it when they were told that in a few years all payment (plastic) cards in the world will carry an electronic chip. For the banking system, this was a revolutionary change in technology: they were finally able to reliably protect themselves from fraud. But what did it give us, ordinary consumers? It looks like nothing at first. However, to understand everything, you will have to look far back into the history of the issue. Why did payment systems even appear, how do they work today, and what has changed with the advent of chip smart cards?
The root of evil-Cash
Cash is evil. Not metaphysically, but in a very real sense. This is evil for merchants-shops and restaurants, because processing costs money... money! You need cash registers and cashiers, you need to maintain security, you can't do without technologies for moving cash from cash registers to special storage facilities, collection is mandatory, which requires insuring the transported cash, and the bank will have to pay a percentage for recalculating bills. In addition, cash is forged, which also needs to be taken into account as a possible loss. All this costs merchants no less than 6 to 10% of the total revenue. Not to mention such "charms" as the problem of small change for change.
Cash is no less evil for the buyer. He can be robbed and even killed simply because the criminal notices a large amount of money in his wallet. In addition, money takes up a lot of space, gets dirty, carries harmful germs (or worse), is torn, and is generally completely impractical.
This is where plastic payment cards come in. And although they were born as "credit" cards (more on this in another time), the main function of such cards today is precisely settlement.
Speaking about the advantage of chip cards over cash, it is impossible not to mention that it is much more difficult to monitor securities and coins. You can track the money on the card, including understanding where it came from.
How bank cards work
Few people wonder what happens between the moment a customer hands the cashier their plastic card and the moment they leave the store. A rather large-scale and interesting financial operation is taking place. Let's take a closer look at it, but we'll note right away: this is not a textbook, and we didn't set out to describe all the details.
First of all, you need to understand that the card is issued by the bank, and it belongs to it. The bank that issued your card is called the issuing bank (issuer). The VISA/ MasterCard logo on the plastic is just a sign that the card belongs to a particular payment system. And it (the payment system) doesn't even know who you are or what name is written on the card. For her, the buyer is just a number that she transmits from the merchant to the issuing bank.
How bank cards used to work
The cashier first looks at the card and tries to determine whether it belongs to the buyer. There are different ways to do this. But the main thing is the signature. Without a signature, the card is generally invalid. In addition to the signature, some banks printed a photo of the owner on the card. Igor Goldovsky, general director of STB CARD, told us that this measure is mainly psychological: it is difficult for an attacker to go to a store with a card that does not have his photo.
In reality, the photo was almost never looked at. You might also have been asked to show some kind of document. Here it is very important to remember that they can ask for something, but they can't refuse to process the card, even if they don't have the document with them.
Then the cashier read the information from the card. This was usually done using a magnetic reader, but most of the" readers "in the world are mechanical hand-held typewriters called" imprinters "(these are platforms about 10 cm by 20 cm in size, with a large lever handle). After reading the information, the cashier tried to get authorization.
The result of authorization (this is just a number, a special code that means that the transaction is approved) is a guarantee that the merchant will receive their money. This number is issued by the bank that serves the merchant. Such a bank is called an acquirer.
How chip cards work today
In fact, a lot has changed. For example, you will now almost never see the caption on the map. Instead, use CVC or CVV codes. Of course, photos on bank cards are also no longer printed.
Today, payment with a chip card through the terminal takes a few seconds, but the wait for twenty years could last for minutes.
The imprinter has also become a throwback: even small shops now have POS terminals. POS is an abbreviation of the English "point of sale". The main difference between them is in their functions. The imprinter is used to transfer information from the card to paper, while the terminal is used for processing payments and performing other operations with plastic cards.
When you pay for a purchase at the store's checkout using a bank card, the cashier passes your card through a special machine that reads information and records the purchase amount.
The POS terminal communicates with the database of the bank to which your card belongs and transmits information about it and the purchase amount to it. The bank checks whether there are enough funds in your account for payment. If everything is in order, it gives permission to conduct the transaction, and the POS terminal sends a signal to your bank that the purchase was made.
After that, the merchant's bank contacts your bank and asks you to confirm the transaction. Your bank checks whether you actually made a purchase, and if everything is in order, confirms the transaction. The seller's bank transfers the specified amount to the store's account, and the purchase is considered completed.
In the case of e-commerce, payment by bank card is processed according to the same scheme, but instead of a device that reads information from the buyer's card, a payment system is used — a specialized company that ensures the security of card processing, debiting funds and transferring them to the seller's bank account.
Why do we need payment systems? After all, banks could agree among themselves and do all operations themselves. In fact, this is what happens. In fact, both VISA and MasterCard are just coordinators and a tool for transferring trust. After all, no money passes through them. It's just that everyone knows that there are two global organizations that can be trusted with financial affairs. They guarantee both merchants and customers, on the one hand, that the store is exactly who it claims to be, and on the other — that the merchant will receive money in any case, even if the issuing bank (that is, the bank that issued the card) goes bankrupt.
With such an almost universal reach, payment systems could do a lot more (digital money, for example), but they are careful and slow: in any case, their core business should not suffer.
Nowadays, it is not even necessary to insert a chip card into an ATM. Just hold it up to the reader and the information will immediately enter the system.
Types of bank cards with a chip
Cards with a chip can be local or international. Accordingly, the former operate within the same state, while the international ones unite a number of banks around the world. There are also payment or debit cards, credit cards, prepaid cards, and virtual cards.
A settlement card with an authorized overdraft is the next stage in the development of debit cards. The credit on such a card is negotiated when opening an account and cannot exceed a certain amount. The client can make payments at the expense of their own funds, or at the expense of a loan that is provided by the bank in case of a lack of funds. This card also allows you to get short-term loans without additional operations.
A credit card is a payment instrument that allows the holder to use the bank's funds under the terms of a loan agreement. The cardholder can make purchases or withdraw cash within the established limit.
Key features of a credit card:
When using a credit card, it is important to monitor your account status, make timely payments, and avoid overspending to avoid incurring overdue debt and related penalties and penalties.
Prepaid cards are a cross between bank cards and gift cards. In fact, this is a plastic wallet in which you can put money and spend it. It is interesting that prepaid cards are often not associated with the bank, that is, they are a separate property of a person.
Advantages of prepaid cards:
However, prepaid cards also have some disadvantages, such as a limited selection of retail outlets for payment, lack of cashback and interest on the balance of funds. In addition, some cards may have restrictions on cash withdrawals or transfers to other accounts.
Local payment system cards are payment instruments issued by banks and financial institutions within a certain territory. They are used to pay for goods and services in local stores and businesses, as well as to withdraw cash from ATMs in the territory of the system.
One of the disadvantages of local payment system cards may be a limited selection of goods and services for payment outside the system's territory. However, many cards can be used in other countries through international payment systems such as Visa or Mastercard.
International cards also operate all over the world. The most popular payment systems are Visa, MasterCard, Diners Club, American Express and China Unionpay.
A virtual bank card is a digital card created for making online payments. It does not have a physical carrier, and all card data is stored electronically. Virtual cards are usually issued instantly and for free, and funds can be quickly deposited or withdrawn on them. Payment security is ensured by modern encryption methods.
A virtual bank card does not require physical availability, which means that it does not have a chip. But if you issue an electronic card, it will become a chip card.
There are also corporate cards and installment cards. The first ones are intended to pay for the company's expenses related to business trips, representation expenses, and the purchase of goods and services. The card is usually linked to the company's account and allows you to control expenses using online banking. The installment card allows you to pay for your purchase in equal installments without interest for a certain period of time, usually up to 12 months.
How cards with a chip appeared
The history of credit cards goes back to their simpler predecessors. At the beginning of the 20th century, these were metal tokens issued to regular customers of certain stores. Later, cardboard cards with the possibility of marking appeared, then — embossed cards, etc.
In 1950, the company Diners Club was founded, which continues to operate successfully under the name Diners Club International to this day. The history of the creation of this company is very interesting. Frank McNamara, the future founder of the Diners Club, found himself in an awkward situation when he forgot his wallet during lunch at a restaurant. This was the inspiration for creating a club that would allow its members to enjoy entertainment without having to carry cash.
The mechanism of operation of Diners Club is as follows. The User enters into an agreement with the company, under the terms of which Diners Club acts as its financial guarantor. After that, the client gets access to a variety of services from the club's partners — all invoices are sent to the guarantor. Diners Club periodically sends the user reports on expenses incurred, and the user undertakes to pay all expenses in full on a monthly basis. The first 200 cards were issued in 1950, and by the end of the year, the number reached at least 20,000.
For a long time, Diners Club remained without competitors. However, in 1958, the financial organization Bank of America issued its BankAmericard credit cards with a maximum limit of $500. It is worth mentioning that credit cards were previously issued by other banks. For example, in 1951, the first Long Island Bank bank card was issued, but it was BankAmericard that became widespread.
In 1970, Dr. Kunitaka received the first and only patent for the smart card concept. Then, in 1974, Roland Moreno received a patent for the actual smart card. Then, at the end of 1994, the EMV standard (stands for EuroPay, MasterCard, VISA) was invented. The company EMV-co was created, which certifies terminals for receiving chip cards for compliance with the standard. Since then, EuroPay has merged with MasterCard, but the name has not been changed.
How the chip card works
On the front side, the first thing that catches your eye is the card number. Often it consists of 16 digits, visually divided into four groups. But there are also a different number of digits in the number: from 13 to 19. It is important to know that the card number and account number are different things. So, you can add several cards to your account.
The payment system logo is also visible to the naked eye. Cartf can be co-branded, i.e. a joint product of partner banks, or co-branded, i.e. a common product of two payment systems. Accordingly, there will be more logos on the map in this case.
The name of the bank on the card confirms that it does not belong to you. It remains the property of the bank. So, according to the law, customers are account holders and cardholders.
The validity period of the card is also indicated on its front side. Usually the shelf life is from one to five years. The expiration month and year are shown on the map. After the moment indicated on the front side, it will stop working and the bank will reissue it.
The cardholder's first and last name are also indicated on the front side. Most often, they are slightly squeezed out and made in Latin. However, the card may not have a name on it.
The front and back sides of the chip card include more than ten important elements, including the number, CVC code, magnetic stripe, and the chip itself.
The bank card chip stands out among other elements. This is a built-in microprocessor that contains information about the card and its holder. It allows you to identify the client when using it.
On the back of the card, an authentication code is indicated, often referred to as a CVC or CVV code. This depends on the payment system, as they use different terminology. This code allows you to make online purchases faster.
The bank's data is indicated at the bottom. It may contain a hotline number and other information. It is advisable to record or photograph the phone number so that in case of loss, you can quickly contact the bank.
A hologram of the payment system is also shown on the back of the card. It allows you to distinguish originals from fakes. There is also a caption bar on maps. If you have one, but it is not filled out, it is better to sign it, otherwise the card will be considered invalid.
Why the chip is used in the card: advantages
Bank cards with a chip have a number of advantages over cards equipped with a magnetic stripe.
First, chip cards provide a higher level of security through the use of more sophisticated encryption and authentication. This makes them less vulnerable to fraud and forgery. This encryption protection complements the fraud prevention monitoring already offered by card providers. In most cases, purchases are covered for fraudulent use.
Second, chip cards usually have a longer service life than magnetic stripe cards, which reduces their maintenance costs. Third, the use of chip cards can speed up the payment process, as they are usually faster to read and process terminals.
Finally, many banks offer special bonuses and discounts for holders of chip cards, which can be an additional incentive to switch to such cards.
Bank card development prospects
The development of bank cards with a chip will continue in several directions. One of these areas is payment by QR code through the Fast Payment System (SBP). By 2026, it is expected that the share of such payments will be about 50%.
In 2022, the share of payments using QR codes increased to 24%, but 63% of people use bank cards.
Another important area is the launch of new banking products, such as payment stickers. At the moment, several major banks have already announced the development of this product. It is expected that payment stickers will become popular among users and help maintain the habit of non-cash payment using your phone.
It is also predicted that in the coming years, physical bank cards made of plastic will maintain their position in the financial market, while banks will actively develop the issue of virtual cards. By 2025, the share of virtual cards may reach 30-40%.
(c) Evgeny Bogorad
In 2006, people did not believe it when they were told that in a few years all payment (plastic) cards in the world will carry an electronic chip. For the banking system, this was a revolutionary change in technology: they were finally able to reliably protect themselves from fraud. But what did it give us, ordinary consumers? It looks like nothing at first. However, to understand everything, you will have to look far back into the history of the issue. Why did payment systems even appear, how do they work today, and what has changed with the advent of chip smart cards?
The root of evil-Cash
Cash is evil. Not metaphysically, but in a very real sense. This is evil for merchants-shops and restaurants, because processing costs money... money! You need cash registers and cashiers, you need to maintain security, you can't do without technologies for moving cash from cash registers to special storage facilities, collection is mandatory, which requires insuring the transported cash, and the bank will have to pay a percentage for recalculating bills. In addition, cash is forged, which also needs to be taken into account as a possible loss. All this costs merchants no less than 6 to 10% of the total revenue. Not to mention such "charms" as the problem of small change for change.
Cash is no less evil for the buyer. He can be robbed and even killed simply because the criminal notices a large amount of money in his wallet. In addition, money takes up a lot of space, gets dirty, carries harmful germs (or worse), is torn, and is generally completely impractical.
This is where plastic payment cards come in. And although they were born as "credit" cards (more on this in another time), the main function of such cards today is precisely settlement.
Speaking about the advantage of chip cards over cash, it is impossible not to mention that it is much more difficult to monitor securities and coins. You can track the money on the card, including understanding where it came from.
How bank cards work
Few people wonder what happens between the moment a customer hands the cashier their plastic card and the moment they leave the store. A rather large-scale and interesting financial operation is taking place. Let's take a closer look at it, but we'll note right away: this is not a textbook, and we didn't set out to describe all the details.
First of all, you need to understand that the card is issued by the bank, and it belongs to it. The bank that issued your card is called the issuing bank (issuer). The VISA/ MasterCard logo on the plastic is just a sign that the card belongs to a particular payment system. And it (the payment system) doesn't even know who you are or what name is written on the card. For her, the buyer is just a number that she transmits from the merchant to the issuing bank.
How bank cards used to work
The cashier first looks at the card and tries to determine whether it belongs to the buyer. There are different ways to do this. But the main thing is the signature. Without a signature, the card is generally invalid. In addition to the signature, some banks printed a photo of the owner on the card. Igor Goldovsky, general director of STB CARD, told us that this measure is mainly psychological: it is difficult for an attacker to go to a store with a card that does not have his photo.
In reality, the photo was almost never looked at. You might also have been asked to show some kind of document. Here it is very important to remember that they can ask for something, but they can't refuse to process the card, even if they don't have the document with them.
Then the cashier read the information from the card. This was usually done using a magnetic reader, but most of the" readers "in the world are mechanical hand-held typewriters called" imprinters "(these are platforms about 10 cm by 20 cm in size, with a large lever handle). After reading the information, the cashier tried to get authorization.
The result of authorization (this is just a number, a special code that means that the transaction is approved) is a guarantee that the merchant will receive their money. This number is issued by the bank that serves the merchant. Such a bank is called an acquirer.
How chip cards work today
In fact, a lot has changed. For example, you will now almost never see the caption on the map. Instead, use CVC or CVV codes. Of course, photos on bank cards are also no longer printed.
Today, payment with a chip card through the terminal takes a few seconds, but the wait for twenty years could last for minutes.
The imprinter has also become a throwback: even small shops now have POS terminals. POS is an abbreviation of the English "point of sale". The main difference between them is in their functions. The imprinter is used to transfer information from the card to paper, while the terminal is used for processing payments and performing other operations with plastic cards.
When you pay for a purchase at the store's checkout using a bank card, the cashier passes your card through a special machine that reads information and records the purchase amount.
The POS terminal communicates with the database of the bank to which your card belongs and transmits information about it and the purchase amount to it. The bank checks whether there are enough funds in your account for payment. If everything is in order, it gives permission to conduct the transaction, and the POS terminal sends a signal to your bank that the purchase was made.
After that, the merchant's bank contacts your bank and asks you to confirm the transaction. Your bank checks whether you actually made a purchase, and if everything is in order, confirms the transaction. The seller's bank transfers the specified amount to the store's account, and the purchase is considered completed.
In the case of e-commerce, payment by bank card is processed according to the same scheme, but instead of a device that reads information from the buyer's card, a payment system is used — a specialized company that ensures the security of card processing, debiting funds and transferring them to the seller's bank account.
Why do we need payment systems? After all, banks could agree among themselves and do all operations themselves. In fact, this is what happens. In fact, both VISA and MasterCard are just coordinators and a tool for transferring trust. After all, no money passes through them. It's just that everyone knows that there are two global organizations that can be trusted with financial affairs. They guarantee both merchants and customers, on the one hand, that the store is exactly who it claims to be, and on the other — that the merchant will receive money in any case, even if the issuing bank (that is, the bank that issued the card) goes bankrupt.
With such an almost universal reach, payment systems could do a lot more (digital money, for example), but they are careful and slow: in any case, their core business should not suffer.
Nowadays, it is not even necessary to insert a chip card into an ATM. Just hold it up to the reader and the information will immediately enter the system.
Types of bank cards with a chip
Cards with a chip can be local or international. Accordingly, the former operate within the same state, while the international ones unite a number of banks around the world. There are also payment or debit cards, credit cards, prepaid cards, and virtual cards.
A settlement card with an authorized overdraft is the next stage in the development of debit cards. The credit on such a card is negotiated when opening an account and cannot exceed a certain amount. The client can make payments at the expense of their own funds, or at the expense of a loan that is provided by the bank in case of a lack of funds. This card also allows you to get short-term loans without additional operations.
A credit card is a payment instrument that allows the holder to use the bank's funds under the terms of a loan agreement. The cardholder can make purchases or withdraw cash within the established limit.
Key features of a credit card:
- Credit limit — the maximum amount that the cardholder can spend within the credit limit;
- Interest rate — the rate at which the bank charges interest on the loan amount used;
- Grace period — the period of time during which the cardholder can return the money spent without paying interest;
- Service fee — payment for issuing, maintaining, and reissuing the card, as well as for additional services (for example, SMS notification);
- Interest-free period conditions — conditions under which the cardholder can use the bank's funds without paying interest (for example, the need to make a minimum payment during the grace period).
When using a credit card, it is important to monitor your account status, make timely payments, and avoid overspending to avoid incurring overdue debt and related penalties and penalties.
Prepaid cards are a cross between bank cards and gift cards. In fact, this is a plastic wallet in which you can put money and spend it. It is interesting that prepaid cards are often not associated with the bank, that is, they are a separate property of a person.
Advantages of prepaid cards:
- Security: funds on the card cannot be debited without the physical presence of the card, which makes them more secure than conventional bank cards.
- Easy to use: the cards do not require opening a bank account, which simplifies the process of receiving and using them.
- Expense control: cardholders can control their expenses, as the funds on the card are limited to a pre-defined amount or limit.
- Anonymity: The cards are not linked to a bank account, which ensures anonymity when making purchases.
However, prepaid cards also have some disadvantages, such as a limited selection of retail outlets for payment, lack of cashback and interest on the balance of funds. In addition, some cards may have restrictions on cash withdrawals or transfers to other accounts.
Local payment system cards are payment instruments issued by banks and financial institutions within a certain territory. They are used to pay for goods and services in local stores and businesses, as well as to withdraw cash from ATMs in the territory of the system.
One of the disadvantages of local payment system cards may be a limited selection of goods and services for payment outside the system's territory. However, many cards can be used in other countries through international payment systems such as Visa or Mastercard.
International cards also operate all over the world. The most popular payment systems are Visa, MasterCard, Diners Club, American Express and China Unionpay.
A virtual bank card is a digital card created for making online payments. It does not have a physical carrier, and all card data is stored electronically. Virtual cards are usually issued instantly and for free, and funds can be quickly deposited or withdrawn on them. Payment security is ensured by modern encryption methods.
A virtual bank card does not require physical availability, which means that it does not have a chip. But if you issue an electronic card, it will become a chip card.
There are also corporate cards and installment cards. The first ones are intended to pay for the company's expenses related to business trips, representation expenses, and the purchase of goods and services. The card is usually linked to the company's account and allows you to control expenses using online banking. The installment card allows you to pay for your purchase in equal installments without interest for a certain period of time, usually up to 12 months.
How cards with a chip appeared
The history of credit cards goes back to their simpler predecessors. At the beginning of the 20th century, these were metal tokens issued to regular customers of certain stores. Later, cardboard cards with the possibility of marking appeared, then — embossed cards, etc.
In 1950, the company Diners Club was founded, which continues to operate successfully under the name Diners Club International to this day. The history of the creation of this company is very interesting. Frank McNamara, the future founder of the Diners Club, found himself in an awkward situation when he forgot his wallet during lunch at a restaurant. This was the inspiration for creating a club that would allow its members to enjoy entertainment without having to carry cash.
The mechanism of operation of Diners Club is as follows. The User enters into an agreement with the company, under the terms of which Diners Club acts as its financial guarantor. After that, the client gets access to a variety of services from the club's partners — all invoices are sent to the guarantor. Diners Club periodically sends the user reports on expenses incurred, and the user undertakes to pay all expenses in full on a monthly basis. The first 200 cards were issued in 1950, and by the end of the year, the number reached at least 20,000.
For a long time, Diners Club remained without competitors. However, in 1958, the financial organization Bank of America issued its BankAmericard credit cards with a maximum limit of $500. It is worth mentioning that credit cards were previously issued by other banks. For example, in 1951, the first Long Island Bank bank card was issued, but it was BankAmericard that became widespread.
In 1970, Dr. Kunitaka received the first and only patent for the smart card concept. Then, in 1974, Roland Moreno received a patent for the actual smart card. Then, at the end of 1994, the EMV standard (stands for EuroPay, MasterCard, VISA) was invented. The company EMV-co was created, which certifies terminals for receiving chip cards for compliance with the standard. Since then, EuroPay has merged with MasterCard, but the name has not been changed.
How the chip card works
On the front side, the first thing that catches your eye is the card number. Often it consists of 16 digits, visually divided into four groups. But there are also a different number of digits in the number: from 13 to 19. It is important to know that the card number and account number are different things. So, you can add several cards to your account.
The payment system logo is also visible to the naked eye. Cartf can be co-branded, i.e. a joint product of partner banks, or co-branded, i.e. a common product of two payment systems. Accordingly, there will be more logos on the map in this case.
The name of the bank on the card confirms that it does not belong to you. It remains the property of the bank. So, according to the law, customers are account holders and cardholders.
The validity period of the card is also indicated on its front side. Usually the shelf life is from one to five years. The expiration month and year are shown on the map. After the moment indicated on the front side, it will stop working and the bank will reissue it.
The cardholder's first and last name are also indicated on the front side. Most often, they are slightly squeezed out and made in Latin. However, the card may not have a name on it.
The front and back sides of the chip card include more than ten important elements, including the number, CVC code, magnetic stripe, and the chip itself.
The bank card chip stands out among other elements. This is a built-in microprocessor that contains information about the card and its holder. It allows you to identify the client when using it.
On the back of the card, an authentication code is indicated, often referred to as a CVC or CVV code. This depends on the payment system, as they use different terminology. This code allows you to make online purchases faster.
The bank's data is indicated at the bottom. It may contain a hotline number and other information. It is advisable to record or photograph the phone number so that in case of loss, you can quickly contact the bank.
A hologram of the payment system is also shown on the back of the card. It allows you to distinguish originals from fakes. There is also a caption bar on maps. If you have one, but it is not filled out, it is better to sign it, otherwise the card will be considered invalid.
Why the chip is used in the card: advantages
Bank cards with a chip have a number of advantages over cards equipped with a magnetic stripe.
First, chip cards provide a higher level of security through the use of more sophisticated encryption and authentication. This makes them less vulnerable to fraud and forgery. This encryption protection complements the fraud prevention monitoring already offered by card providers. In most cases, purchases are covered for fraudulent use.
Second, chip cards usually have a longer service life than magnetic stripe cards, which reduces their maintenance costs. Third, the use of chip cards can speed up the payment process, as they are usually faster to read and process terminals.
Finally, many banks offer special bonuses and discounts for holders of chip cards, which can be an additional incentive to switch to such cards.
Bank card development prospects
The development of bank cards with a chip will continue in several directions. One of these areas is payment by QR code through the Fast Payment System (SBP). By 2026, it is expected that the share of such payments will be about 50%.
In 2022, the share of payments using QR codes increased to 24%, but 63% of people use bank cards.
Another important area is the launch of new banking products, such as payment stickers. At the moment, several major banks have already announced the development of this product. It is expected that payment stickers will become popular among users and help maintain the habit of non-cash payment using your phone.
It is also predicted that in the coming years, physical bank cards made of plastic will maintain their position in the financial market, while banks will actively develop the issue of virtual cards. By 2025, the share of virtual cards may reach 30-40%.
(c) Evgeny Bogorad
