Dynamics Inc., in conjunction with international banks, card issuers, payment networks, and telecommunication operators unveiled Wallet Card™ – the world’s first connected, secure payment card. The Consumer Technology Association (CTA) also recognized the Wallet Card and the Wallet Card Consortium members with four CES Innovation awards including the Best of Innovation Award for Security Technologies. It was an honoree for Computers, Embedded Technologies, and Technologies for a Better World. This marks the first time in history a payments consortium has been awarded the consumer electronics industry’s most prestigious award.
Key Wallet Card benefits
. Fastest data breach response and replacement – If a data compromise occurs at a merchant, the bank can instantly delete the compromised card account number and replace it immediately with a new account number. This provides peace of mind and reduced fraud risk for the consumer with a new card.
. Multiple cards in one – With the Wallet Card, consumers can access their debit, credit, pre-paid, multicurrency, one-time use, or loyalty cards on a single card with the tap of a button.
. Anywhere distribution – Wallet Card is the first instant, digital card platform. Banks can distribute Wallet Card anywhere and at any time – such as in their retail branches, during events or even in-flight and consumers can activate it immediately. Card information can then be downloaded through a highly-secure, over-the-air cellular connection.
. Rapid card replacement – Each year, hundreds of millions of consumers lose their card or have it stolen. With regional Wallet Card fulfillment, a new card can be couriered directly to the consumer within hours. The consumer can then instantly restore their wallet by downloading their cards.
. Tighter connections between consumers, issuers and retailers – Messages can be sent to the Wallet Card at any time. For example, after every purchase, a message may be sent to notify the consumer of the purchase and their remaining balance if they used a debit or loyalty card. Consumers can also opt-in to receive coupons directly on their cards or be notified of a suspicious purchase and click on “not me” to have a fraud alert set and new card number issued. In another example, a coupon may be sent to the consumer.
The Technology Behind Wallet Card
Dynamics’ Wallet Card is a full telecommunications platform in the same size and shape as a normal credit or debit card. The Wallet Card is the first IoT Card™ from Dynamics. With almost 200 internal components, this Internet of Things device incorporates a number of cutting-edge technologies including:
. A cell phone chip and cell phone antenna so data can be transferred between Wallet Card and the bank anywhere in the world and at any time of the day.
. A battery and organic recharging chip so that the card charges itself through normal operation. Wallet Card can last indefinitely without the need for the consumer to perform any physical action.
. A card-programmable magnetic stripe, card-programmable EMV chip, and a card-programmable contactless chip. At any time a new card profile can be downloaded to the card so that when that card is selected, the card’s magnetic stripe, EMV, and contactless data is written to the associated components.
. A 65,000 pixel display and user interface so that a cardholder can change between different cards and informational screens.
„We’re humbled to receive this prestigious award from CES and excited at the personal connection our technology made with this best-in-class judging panel,” said Jeffrey Mullen, CEO of Dynamics Inc. „This is just the beginning. Wallet Card is poised to redefine the way consumers and businesses think of credit cards and enable a close, more secure connection.”
”The Visa-branded version of the Wallet Card is the same size and shape as a normal Visa credit or debit card, yet it incorporates multiple features and technologies not previously found in a single payment card. Features of the Wallet Card range from the capacity to access multiple cards – whether EMV-, contactless- or magnetic stripe-based – to a programmable on-card display that enables account information, such as alerts or coupons, to be sent to the cardholder via an embedded antenna.”, according to the press release.
“Innovation in the payments category is not limited to wearables, cars, security or mobile technology – there is still much that can be done to update the card-based experience, which continues to be the primary form factor used globally to complete digital payments transactions,” said Mark Nelsen, senior vice president of risk and authentication products, Visa. “Having collaborated with Dynamics since they launched their first product several years ago, we’re excited about the many unique benefits that the Visa Wallet Card can offer to both financial institutions and cardholders, alike.”
About the Wallet Card Consortium
The Consortium was assembled by Dynamics Inc. and includes a number of the world’s leading banks, payments networks, and carriers. A mission of the consortium is to improve security and functionality of payments and cards.
Founding members include:
“Visa supported the initial launches of Dynamics first- and second-generation powered cards which brought new functionality to payment cards,” said Jeffrey Mullen, CEO of Dynamics Inc. “Today, we are pleased to again have Visa by our side as an integral partner and thought leader as we launch Wallet Card, our most innovative payment card to-date.”
Availability to Financial Institutions & Consumers
For financial institutions interested in piloting the Wallet Card, it will be available in early 2018.
For consumers wishing to be notified when a particular card will be made available to the public, they can register today at www.getwalletcard.com.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
