If you have a credit/debit card with a chip, look at the arrangement of the contacts and compare to a SIM card. It's essentially the same standard (ISO 7816) at the lower layers, but with different application-layer protocols on top.
Also, as a matter of being the only device in posession of the subscriber but arguably owned by the telco, I'd definitely prefer it to be a removable piece which communicates over a standard interface. The alternative of embedding it into the handset is far worse from the perspective of lock-in and perhaps security.