Innovation in Payments Still Taking Place on Plastic Cards

by Sarah Grotta 0

Many articles have been written about the eventual disappearance or at least decline of plastic cards as a payments device.  So it is interesting to see that Visa is partnering with a company called Dynamics to promote a plastic card with advanced capabilities.  This is no ordinary card.  Some of its features were described in an article in Finextra:

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.

The device offers a number of cardholder benefits and cutting-edge technologies, including:

Multiple Cards in One: Cardholders can access their debit, credit, pre-paid, multicurrency, one-time use, or loyalty cards on a single card with the tap of a button. Account information is shown on the on-card display with the ability to toggle between cards or accounts.

Instant Issuance: As the first instant, digital card platform, financial institutions can distribute Visa Wallet Card anywhere and at any time – such as in their retail branches or at events, and consumers can activate it right away.

Greater Security: A bank can quickly delete a compromised card account number and replace it with a new account number, providing convenience and peace of mind for the cardholder.
Alerts and Messages: An on-card, 65,000-pixel display shows both account information and allows messages to be sent to the Visa 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 pre-paid or debit card. Cardholders can also receive coupons directly on the display or be notified of a suspicious purchase and click on “Not Me” to report suspected fraud and request a new card number.

Self-Charging Battery: An organic chip ensures the payment card charges itself through normal operation and doesn’t require any work for the cardholder.

With most issuers in the U.S. looking to trim card costs, I wouldn’t expect to see this solution in the mail the next time your credit or debit card gets reissued, but the technology is very interesting and solves many points of friction in the payment card process.  More on Dynamics and their technology can be found here

Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group

Read the quote story here

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