Unlike banks in the UK, where chip-and-pin and contactless payment technologies are the norm, big banks in the US have been very slow to adopt new credit and debit card technologies, with secure chip cards only being introduced in the past few years. Which is tragic, because Dynamics is introducing a new connected credit card with a cellular chip inside, and an E-Ink display, that’s no thicker than the cards already in your wallet.
That magnetic strip can be reprogrammed, at the push of a button, to emulate different cards as needed.
Dynamics has been working to improve the technology in banking cards for years now, previously introducing technologies like a rewritable magnetic strip allowing a single card to be used for cash machine withdrawals, credit card purchases, or as a loyalty card by simply pressing a button to reprogram how it functions. For example, one of the big banks in Canada now offers a debit card, created by Dynamics, that doubles as a loyalty card for a popular coffee shop.
Dynamics’ newest card, the connected Wallet Card, now introduces a 65,000 pixel E-Ink display that can be used to show everything from corporate logos, to a credit or debit card number, to the card owner’s name. As if that wasn’t impressive enough, without adding any thickness, the new Wallet Card also has a cellular antenna inside that connects to the Sprint network, one of America's biggest mobile providers.
A cellular connection on your credit card means you never have to be mailed a replacement if it gets compromised. It can be instantly reprogrammed with a new card number.
What good is all that extra tech inside? Where do I begin? Like the company’s previous products, the Wallet Card can be reprogrammed to emulate various cards at the push of a button, reducing the thickness of your wallet. But by using an E-Ink screen to show information like the cardholder’s name and account numbers, there’s no wait times when someone signs up for a new card. A plastic blank doesn’t have to be encoded, embossed, and mailed off to a new client. The Wallet Card can be instantly programmed with the required details using its cellular connection.
And the next time your credit card details have been compromised, which happens more often than it should, instead of having to wait a week for your bank to mail out a replacement card, the Wallet Card could be electronically programmed with a new number so you could continue to use it almost instantly. There’s even the potential for promotions to be delivered to your card, like a discount when your birthday rolls around. Or if you’re worried about blowing past your limit, the card could be updated to show your remaining credit card balance every time you make a purchase.
Alongside the announcement of the Wallet Card, Dynamics also made announcements about several international banks who plan to introduce these cards to clients in the coming year, meaning we won't necessarily have to wait on the US in order to get our hands on them. But even if one does decide to implement the Wallet Card, it will be years before you’ll be able to slip one in your wallet.