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All-in-one wallet card to spell end of individual credit cards? (VIDEO)

February 27, 2018 2:13 AM
24 0
All-in-one wallet card to spell end of individual credit cards? (VIDEO)

BARCELONA, Feb 27 — Fed up with fishing around your overstuffed wallet?

Dynamics says its Wallet Card, displayed at Mobile World Congress, could help....allowing shoppers to pay via multiple accounts.

“The Wallet Card is the first connected payment card. There’s a number of really cool innovative technical features with this card. First of all there’s a 65,000 pixelated display,” founder and CEO of Dynamics, Jeffrey Mullen, said.

“All of your card data, the name of the card and your card number, your expiration date, your security code, all is displayed on this. You can switch between all the different cards that you have. When you switch between different cards it rewrites the date on the mag-stripe (magnetic stripe), on the EMV chip, and the contactless chip.”

“The card lasts longer than you actually live. The card actually has a recharging chip that actually harvests energy and recharges the battery and so where cards have five or six year expiration dates, this card actually does not,” Mullen said.

Two-way communications via the card’s cellular connection allows banks suspecting fraud to instantly verify users’ identity.

“A phone uses software encryption. It’s white box crypto. This card actually has a secure element, so it has a physical secure chip and so it uses blackbox crypto. So the cards are much more secure because it has physical security than the virtual security that a phone would offer.”

Various banks and payment companies such as Visa and Mastercard have signed up.

Also read: BNM: Retailers not permitted to impose surcharges for payments using debit, credit cards


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