Samsung, KB Kookmin Card, and American Express, are developing a credit card that will allow users to connect their card to a Galaxy smartphone and verify its location.
Through Samsung’s SmartThings Find platform, users will be alerted in the event their phone and credit card are no longer next to each other, according to NFC World.
“Credit cards are the most popular payment method in South Korea, and offering Galaxy smartphone users the ability to track their card location is a great step in card security and loss prevention,” said Ben Danner, Senior Analyst of Credit and Commercial at Javelin Strategy & Research.
“How many times have you opened up a tab and then forgot your card? I guess at least once. The only threat I see to the long-term viability of this product is the growing usage of mobile wallet apps, such as KakaoPay and Samsung Pay. However, we don’t see those apps replacing plastic cards anytime in the near future,” he said.
Tracking Payments
The integration of credit cards and the internet of things seeks to enhance the functionality and security of traditional payment methods. Instead of discarding credit cards as an outdated analog system, this approach modernizes them by incorporating digital technologies.
With the big push towards digital payments, credit card companies are doubling down on card technology. The latest effort from Samsung, KB Kookmin Card, and American Express offers consumers a sense of security, particularly as the technology helps them monitor their cards in real-time and immediately report any unusual or unauthorized transactions.
As The Verge points out, adding a trackable chip to a credit card is similar to adding an Apple AirTag or a Samsung SmartTag into a wallet. But Samsung’s SmartThings Find is more precise and accurate than those options.