New Payment Cards with Electronics Provide Unprecedented Levels of Functionality; Product Wins Best of Innovation Award at CES 2018.
Dynamics Inc. and Sprint, a wholly owned subsidiary of SoftBank, today at the 2018 Consumer Electronics Show unveiled the first battery-powered, “connected” payment card.
Wallet Card™ is the world’s first connected, secure payment card. The Consumer Technology Association (CTA) recognized Sprint 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.
Sprint is providing IoT technology, support and expertise to the initiative – in addition to being the first telecommunications entity to power the card.
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 card and 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 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 virtually 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.”
Jan Geldmacher, president of Sprint Business, said:
“With the powerful combination of our unrivaled wireless network spectrum resources; radical IoT technologies from within Sprint and our SoftBank group of companies; and our dedication to creating integrated ecosystems – Sprint is at the IoT forefront, demonstrated by our support of Dynamics and the Wallet Card.”
“With humans and machines becoming increasingly connected into the future, the Wallet Card is a groundbreaking example of how important converged networks and advanced integrated technology will be for the lives of everyday people across the globe. We’re excited to be taking part in helping this all come to life.”