We already have something that is nicely compressed and easily readable: dna. Rather than implant something that can be ripped out or counterfitted, just go with some kind of fast dna scanners. There's fun for ya! Just spit at the ATM for your money! Or use your friend's spit!
On a similar note, does anyone know anything about retinal scanning? I can think of some fairly gruesome scenarios there. Does the eye actually have to be attached to a body?
Ah well, the old numeric tattoo is still an option. Seems like just about every other idea from the 3rd Reich has been brushed off and used by someone. There's a war on, after all. This is no time to get squeamish!