Visa and international payment card producer Dynamics recently revealed their wallet card at the Consumer Electronics Association's CES 2018 awards.
According to a Visa press release, their version of the card identical in size and shape to a traditional card but has the ability to host multiple cards accessible through an on-card digital screen. The card also features EMV, magnetic strip and contactless payment technologies, meaning it's accepted by nearly any retailer.
"There is still much that can be done to update the card-based experience, which continues to be the primary form factor used globally to complete digital payments transactions," said Mark Nelsen, senior vice president of risk and authentication products at Visa, in the company press release. "We're excited about the many unique benefits that the Visa Wallet Card can offer to both financial institutions and cardholders, alike."
Wallet card's capabilities and functionalities
"The wallet card can work for some as an alternative to mobile wallets."
The card has over 200 internal components and is hailed as the first payment device of its kind that incorporates the Internet of Things, according to a Dynamics press release.
Here are some of its most significant technological features:
- An internal cellphone chip and antenna allow quick and seamless data transfer between the bank and the cardholder anywhere in the world.
- A 65,000-pixel display used to cycle through payment cards and information screens.
- Programmable EMV chip, magnetic strip and contactless chip that can change based on the particular card profile selected. It can host debit, credit, prepaid, multicurrency, one-time use and loyalty cards.
- A organic battery that recharges itself through use and requires no additional activity from the cardholder.
Key wallet card benefits
The wallet card helps improve consumer security and prevent fraud through rapid data response and card replacement. If information for one card is compromised, the bank can immediately delete it's information from the card device and issue a new account number.
The on-card screen can also receive messages at any time. Users can request that transaction notifications be sent to the card or updates on their remaining account balances. If a suspicious charge is found, the bank will send a notice to the card where the owner can report any activity they see as fraudulent.
Business Insider said the wallet card can work for some as an alternative to mobile wallets. Many consumers are not yet convinced of the security benefits of mobile wallet use and this device can function as a more familiar, physical version of that technology.
The diversity of the wallet card's payment systems makes it capable of being used at virtually any card processing terminal and merchants should prepare for its potential presence in the market with the use of efficient credit card payment processors.
To learn more about implementing effective credit processing software, get in touch with 911 Software today.