A new kind of ‘smart’ card is hitting the scene

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A new kind of ‘smart’ card is hitting the scene

By Deena M. Amato-McCoy - 01/09/2018
Visa’s newest payment card gives new meaning to the term “smart card.”

The card issuer partnered with interactive payment cards developer Dynamics to introduce the “connected” Dynamics Wallet Card. While the card is the same size and shape as a standard Visa credit or debit card, this new version incorporates multiple features and technologies.

Embedded with a cell phone chip and antenna, the card enables users to transfer data between the card and their bank in real-time. An embedded button also enables users to access their debit, credit accounts as well as pre-paid, multi-currency, one-time use, or loyalty cards that are loaded onto the card. When at a retail point-of-sale, shoppers can pay with points or credit by pressing a button on the card, according to Venture Beat.

The card also supports a visual 65,000-pixel display that shows account information, text messages and coupons. This technology is also expected to step up security. For example, after every purchase text messages can notify the consumer of the purchase and their remaining balance on pre-paid or debit cards. Cardholders can also be notified of suspicious purchases, and click on a “Not Me” icon to report suspected fraud and request a new card number, Visa said.

Banks can also quickly delete a compromised card account number, and replace it with a new account number, according to Visa.

The card was introduced Monday at the 2018 Consumer Electronics Show (CES).

“Innovation in the payments category is not limited to wearables, cars, security or mobile technology,” said Mark Nelsen, senior VP of risk and authentication products, Visa. “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.”

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