Sprint has partnered with Dynamics Inc. to create the first smart credit card. On top of having a recharging feature, the new card will function as a credit, debit, pre-paid and multicurrency card all in one battery-powered payment card. Although it looks like regular and traditional debit cards, it is equipped with modem chips, a self-charging battery, and even a display screen, similar to your smartphones.
The new smart card is multi-functional
Also known as a Wallet Card, this new technology is intelligently equipped with a small 65000-pixel display screen that shows card numbers, announcements, and other practical information. Be it the shape or size, it is much similar to traditional debit cards, but with at least 200 internal parts including a cell phone chip and antenna. Users will also be able to download card profiles as it is equipped with an EMV and contactless chip.
It is much more than a traditional debit card
One of the major benefits of this new technology is that people will carry less plastic in their wallet than they used to with traditional cards. How? With a simple touch on the screen of your card, you can rapidly switch between different cards, with all the information displayed on the screen for identification. In fact, banks and other financial institutions will be able to distribute the card from anywhere and at any time for users to activate on the spot.
The Wallet Card also has a built-in messaging function
Indeed, financial institutions can send messages directly on the card to inform users about their various transactions. Users can also choose between coupons or other alerts that can be sent to their Wallet Card. There is also the ‘’not me” message feature, which users will have to select in case of suspicious transactions relating to their account’s activities, providing protection against fraud. Thus, the smart card is programmed to stay on alert for dubious purchases which will need the user’s approval before payment can go through.
Sprint has also addressed security concerns
In case of a breach, your digital card is instantly deleted and replaced by a new one. It can also be blocked, the account erased, and a new number issued at the drop of a hat in fraudulent transaction scenarios. Although it is still unclear how secure the card is, Sprint has certainly made a positive step towards securing users’ accounts with its alert system. The positive thing is that people won’t have to wait weeks to get a new card as everything is digital and all your information can be instantly downloaded.
Dynamics Inc. is positive that the card will be issued later in 2018
Banks like Emirates NBD, Japan’s Sumitomo, Canada’s CIBC, and India’s IndusInd have agreed to embark on this new endeavor. And it will all depend on them for the new card to be issued to customers. Nevertheless, both Sprint and Dynamics Inc. are hopeful the new smart cards will be distributed to customers later this year.
Article published in EMV and Smart Payment Cards :
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