The use of smart card technology in the consumer environment places a high physical demand on the devices. In order to be considered practical, they must be able to withstand significant wear and tear. The current use of devices with, for example, metallic contacts for the interface, involves significant physical limitations, such as cables and connections, and such devices are especially susceptible to physical wear and tear. Thus, there is a need for a method and system of smart card banking, which utilizes a contactless interface to establish a communications link between the smart card and the banking institution, and which minimizes wear and tear on the interfacing devices and maximizes durability of such devices.