Interactive Payment Cards from MasterCard and Dynamics, Inc. For enhanced security, Dynamics interactive payment cards can include a display and keypad. When a consumer enters the correct unlocking code into the buttons of the card, the payment card number is provided on a display (for online use) and is written to the stripe (for in-store use). (Photo: Business Wire)
Innovative Technology Replaces Traditional Credit and Debit Cards; Brings Greater Security, Convenience and Control to Consumers with Existing Point-of-Sale Equipment
Dynamics, Inc. has brought to market the first and only functional interactive payment card with a computer inside and buttons, displays and LED on its face. In the growing adoption of Internet of Things (IoT) in wearables, home devices and portables, this is probably the third generation of the venerable “what’s in your wallet” plastic, going beyond the chip in the card that will be replacing the old magnetic strip cards that have been a standard for at least a generation. The card’s most obvious competition is the Apply Pay and other apps that connect to users credit and banking accounts, but only work on hand-held devices.
This breakthrough enables issuers to provide consumers greater card functionality, including the ability to select applications that are stored directly on the card itself, with the assurance that the card is compatible with existing POS terminals. Initial applications include:
- Greater Security: Consumers can “unlock” their account numbers for each purchase with unique codes, preventing use after theft
- Greater Convenience: Consumers can carry both debit and credit accounts on the same card
- Greater Control: Consumers can carry both loyalty and credit accounts on the same card and make
VizWorld.com will be attending the Consumer Electronics Show in Las Vegas next week and will try to secure an interview with Jeff Mullen, chief executive officer of Dynamics and an inventor of more than 150 pending and issued patents ranging from mainstream consumer electronics for Apple, Inc., to children’s electronic toys. The demonstration of the card, (which will be at Booth 74367 in CES Tech West (Sands Expo) will offer a hands-on demonstration of this new technology, which enables consumers to choose transaction options with the touch of a button as an alternative to traditional payment cards.
Will the growing rise of online purchasing, will this new form of card increase consumer confidence and in-store purchasing? Your comments are welcomed below.
