But what does innovation really mean?

"It is only worth innovating if that's what customers want," Barnett said.

Cutting through the hype, Barnett said there is too much fuss about smartcards.

"Smartcards are like RFID (radio frequency ID), just an infrastructure technology that isn't really going to change anyone's life," he said.

"Sure it helps with identity, but it won't change the world. RFID was over-hyped too and all it does is make old-fashioned processes more efficient."