EXCLUSIVE—Card company Dynamics Inc. revealed its Wallet Card, described by the company as the “world’s first” connected payment card, at the CES conference currently taking place in Las Vegas, the company announced today.
The card, which was developed in tandem with global banks and payment providers such as Visa and Mastercard, relies on Internet of Things technology, the first of its kind issued by Dynamics. The card, which is run through an “instant” digital platform, according to Dynamics, allows banks and other issuers to distribute it “during events, or even in-flight,” according to the company.
“The Wallet Card is very unique; it has three unique features that enable a host of customer benefits,” Jeff Mullen, CEO of Dynamics told Bank Innovation. Mullen pointed to the card’s screen display, as well as the embedded cell phone chip (and antenna) in the card.
The third feature is the battery and charging chip to ensure that the card can charge itself, as well as “programmable” components for contactless and EMV payments.
Aside from allowing a customer to access all of their bank cards in one place, the card’s digital platform also allows messages and notifications to be sent immediately to the customer via the Wallet Card, allow a user to keep better track of their account balance and other financial needs like fraud checks.
“The card is all about customer convenience, functionality, and usability,” Mullen said.
Along with the card itself, Dynamics also announced the creation of the “Wallet Card Consortium,” which will work to improve the “security and functionality” of payments, Dynamics said. Current members of the consortium include Visa and Mastercard, as well as several banks across the globe including Canada’s CIBC, Emirates NBD, and Japan’s Sumitomo Mitsui Card Company.
“The consortium is a collection of companies that are embracing the technology,” Mullen said, adding that Dynamics will continue to work with these companies while the official launch for Wallet Card approaches. The card is slated to officially debut this year, but no date has been disclosed.
Aside from its financial partners, the Wallet Card will be distributed with the help of mobile carrier Sprint, as well as technology provider Softbank (which owns Sprint). Customers can register for a Dynamics Wallet card here. time.
Learn more about mobile and IoT payments at Bank Innovation 2018 in San Francisco on March 5-6. Request your invitation here.Like This Post