So, we can all see how technology has changed the way we live, the way we work and even the way we shop for those to-die-for deals, right?
And, of course, tech has completely altered the way we do our banking – from the world’s first cash machine to the introduction of online banking. But it’s not stopping there, if US company Dynamics Inc. continue their drive to revolutionise card payments, even as we shift to a cashless society.
The company is preparing to bring the all-in-one smart card to UK shores ‘soon’, is creator has promised. The ‘intelligent card’ notably has the ability to store multiple credit and debit cards on a single card – which is good news for anyone who hates bulky wallets and purses – and, inevitably for the age, can display adverts from your bank.
It’s all thanks to the card’s modem and two-way cellular connection, making it easier to stay in contact with your bank. Jeffrey Mullen, CEO, said:
‘For the first time, a bank can ask a customer a question on the card’s display and get an immediate response. With these new consumer insights, the bank can provide better and more informed services.’
Eagle-eyed readers will notice that it’s his name adorning the cards unveiled during this year’s Mobile World Congress. So, what makes this card so smart? Well, Dynamics Inc. is already citing benefits such as…
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.
Card upgrades – The bank can ask a consumer if they would like to upgrade their card to one that has additional features or value.
On the face of it, that may seem a lot more beneficial to banks, rather than the customers, but there’s a good reason for that: If technology like this is to transform the way we spend our money, it needs the banks on board from the start.
And, despite some data privacy concerns, and fears that the smart card is just an opportunity for banks to spam you with adverts, the card’s technology does open up some intriguing possibilities – not least because it means you won’t have to carry more than one debit or credit card around.
For instance, imagine that you believe your bank details have been stolen (what with the ever-present fear of cyber-crime hanging over our heads). Today, that means multiple calls to the bank to cancel the card, plus that long wait for a replacement, which can play havoc with your carefully managed budget if you’re dependent on just one card, right? Using Dynamics’ new smart card, you can delete the compromised card and add a new one.
As Mullen told the BBC:
‘If you want a new card, you want a credit card or you want to upgrade your gold card to a platinum card, you just press a button and a new card’s downloaded.’
And for those of you worried that the smart card will become just an advertising billboard in their pocket, relax – since the technology being used is two-way, you can opt-out or block incoming messages, ensuring that your smart card is, first and foremost, just an innovative credit or debit card.