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One of the stars of the Consumer Electronics Show in January was the latest technology coming to credit cards. The Pittsburgh, Pennsylvania based company Dynamics unveiled its Wallet Card and it caught the eyes of both consumers and security experts.
The Wallet Card has taken nearly five years to develop. It uses a cellphone chip and is more computer than credit card. It has a display on it but it is small enough to be encased in the plastic making it look like any other credit card on the market.
The card can be disabled by using the cellphone connection should it be lost or found the be used fraudulently. The bank can also simply download account information onto the card so there is no more waiting to have a new card mailed out. The Wallet Card is also capable of storing multiple cards on it and can also store loyalty card information as well as prepaid cards and debit cards. It also allows for alternate payment options like with points and can be quickly and easily configured to do so. The consumer can also have coupons sent to them.
Following a purchase an account balance can be sent to the card so the consumer knows exactly how much their bill will be for the next month or how much remains in their account. Since payment notification can be sent instantly the consumer can also alert their bank to fraudulent charges and each notification will include an option to tell the bank that they did not make that purchase which will prompt the issue of a new credit card number instantly. The card uses renewable energy to power itself and has both a programmable magnetic stripe and EMV chip.
The card is the brainchild of Jeff Mullen, a graduate of Carnegie-Mellon University in Pittsburgh, who wanted to replace the magnetic stripe with something more secure. Dynamics, which was started in 2007, already has developed intelligent account cards that are used by more than 10 million customers around the world. The Wallet Card also has major financial backers in giants like MasterCard and several capital investment companies and is supported by some of the largest banks in the world which will make acceptance of their card much easier. While a release date has not yet been announced this is huge news in credit card tech.
