A brand-new card technology was revealed at CES 2018: the Wallet Card by Dynamics Inc. In some ways it looks the same, an in other ways, it stands to change consumer’s relationships with their card, and credit card processing for small business. Let’s look at some or the key features:
With the tap of a button, a user is able to toggle between their many cards, including debit, credit, and even prepaid, one-time use, and multi-currency cards. Another very cool feature is that the card has a screen that displays account information.
Banks and their customers will like the fact that the card can be issued right away: no longer the need to issue a temporary card and mail the real one later. Consumers can activate the card and start using it the same day.
Security will likely be one of the first issues that comes to mind. In a novel approach, a bank can quickly hop in and delete a compromised account number if needed, and then turn around and replace it with a new one. In other words, when an identity theft happens, you don’t have to wait to be mailed a new card: the new card is simply downloaded onto your Wallet Card and you’re on your way.
That screen we mentioned opens the consumer up to a wide range of new functionalities that your old credit card could only dream of. Instant access to account information is the most obvious benefit; card holders can also be notified quickly of suspicious activity, get notified of remaining balance for one-time use cards, and be notified of promotions to take advantage of.
In case you were worried about yet another device you have to worry about keeping charged, and being locked out of all your accounts when the card’s battery runs out, worry not. There is a self-charging organic chip that takes care of everything for you, through normal use.
Practically everyone loves to hear about a new technology, especially when it reinvents an everyday task like payments. The question is, does the all-new Wallet Card have legs? A more specific way of asking the same thing is, will the Wallet Card be able to contend with smart-phone-based mobile wallets, and even woo those users to this payment system? In the payment world, where there is growing momentum away from cards and toward NFC payments, is a card with even more cards in it what the world needs? On surface level, it appears that most NFC wallets are able to do everything that the Wallet Card can, and it’s done from your mobile phone, which you already own. That will be the main challenge for this novel card technology.
Moolah works to stay abreast of these changes, and bring them to our clients when it makes sense, as credit card processing for small businesses is always in a state of growth and change. We’ll see what is in store for Wallet Card as it gets tested in the real world.