Dynamics, Inc., today unveiled enhanced functionality for Wallet Card that allows two-way communications between banks and consumers using the card’s telecommunications connection. Previously, a Wallet Card consumer could only receive information from a bank. Today, Wallet Cards can be enabled to also receive information from a consumer.
The ability for consumers to send information to their bank at the push of a button is revolutionary for a payment card and provides exceptional consumer functionality and value. An issuing bank can engage in immediate two-way communications with a consumer via their debit or credit card and receive an immediate response. A consumer also no longer has to call a call center or go to a website to respond to account servicing questions.
This creates new opportunities for communication and value:
Purchase verification – If a financial institution suspects a fraudulent purchase using an existing card, the bank can ask a consumer to verify on their card that they made a particular purchase and the consumer can quickly respond.
Immediate credit limit increase – Rather than potentially declining a transaction, the bank can ask a consumer if they would like to increase the credit limit on their card if their credit limit is approached.
Add cards – If the bank believes a consumer may benefit from a new card offering, the bank can ask if they would like to download the new card immediately.
Instant purchase feedback – The bank can ask the cardholder if they liked their purchase at the store/restaurant where the purchase was made and provide this as value-added information to the retailers.
On demand coupons – If a consumer opts in, the bank can ask a consumer if they would like to download a coupon. This will drive consumer rewards and loyalty.
Card upgrades – The bank can ask a consumer if they would like to upgrade their card to one that has additional features or value.
The Wallet Card Consortium, which are the members of the industry that have announced public support for the product, are helping to make the card a reality. Currently, the Wallet Card Consortium includes Dynamics Inc., Mastercard, JCB, Sprint (a subsidiary of SoftBank), Emirates NBD (UAE), CIBC, IndusInd Bank, Sumitomo Mitsui, and other global payments networks.
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, the 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 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.