Payment technology just got a lot more interesting. During the recent Consumer Electronics Show (CES) in Las Vegas, Visa and Dynamics Inc. rolled out the “Wallet Card.” The new card features more than 200 internal components packed into a device the same size and shape as a standard debit or credit card. Compatible with existing merchant readers, the card offers an abundance of features that put it in direct competition with smartphone payment systems. Described by the company as a “full telecommunications platform,” the card incorporates:
- A cell phone chip and antenna that allows data to be transferred between the card and bank anywhere in the world and at any time of the day.
- A battery and organic recharging chip that re-charges the card through normal operation.
- A programmable magnetic stripe, programmable EMV chip, and programmable contactless chip. This feature suite allows for ease at issuing replacement cards as well as customization by the consumer and issuing financial institutions.
- A 65,000-pixel display and user interface that allows a cardholder to change between different cards and informational screens.
Developed in conjunction with international banks, card issuers, and payment networks, Dynamics’ Wallet Card offers an unprecedented number of options and security features in a familiar payment package. Consumers will be able to not only seamlessly choose between multiple credit and debit cards, but also payment plans as well as payment via accrued promotional points or airline miles. Consumers can also re-charge the card with cash deposits. Additionally, messages from financial institutions and merchants can be sent directly to the card for display on the screen. These messages might include notification of a purchase, account balances, coupons, or notification of suspicious banking activity.
Set to debut at a number of overseas banks later in the year, the Wallet Card caused a sensation at the Vegas show, garnering multiple awards. Of course, it remains to be seen whether the technologies and format of the Wallet Card will become the dominant form of payment or consumers will migrate to phone payment systems. Only time will tell.
For additional information, visit Dynamics Inc. website here.