Keep It Simple Stupid (KISS) was Steve Jobs’ mantra for designing new products: keep paring the service away until you left with the essence, what the user really needs. Because technology enables it to be done, doesn’t mean that the product developer should include it. As important as what is in the product is what is NOT INCLUDED.
New payment card technology
Dynamics Inc. and Sprint, a wholly owned subsidiary of SoftBank, yesterday unveiled at the 2018 Consumer Electronics Show in the USA, the first battery-powered, “connected” payment card,see below:
Source & Copyright©2018 - Www.dynamics.com.
The 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, this Internet of Things 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 virtually 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.
Key Wallet Card benefits
The manufacturers claim that the main benefits will be:
- Fastest data breach response and replacement - If a data compromise occurs at a merchant, the bank can instantly delete the compromised card account number and replace it immediately with a new card and new account number. This provides peace of mind and reduced fraud risk for the consumer with a new card.
- Multiple cards in one - With the Wallet Card, consumers can access their debit, credit, pre-paid, multicurrency, one-time use, or loyalty cards on a single card with the tap of a button.
- Anywhere distribution - Wallet Card is the first instant, digital card platform. Banks can distribute Wallet Card anywhere and at any time – such as in their retail branches, during events or even in-flight and consumers can activate it immediately. Card information can then be downloaded through a secure, over-the-air cellular connection.
- Rapid card replacement - Each year, hundreds of millions of consumers lose their card or have it stolen. With regional Wallet Card fulfillment, a new card can be couriered directly to the consumer within hours. The consumer can then instantly restore their wallet by downloading their cards.
- Tighter connections between consumers, issuers and retailers - Messages can be sent to the Wallet Card at any time. For example, after every purchase, a message may be sent to notify the consumer of the purchase and their remaining balance if they used a debit or loyalty card. Consumers can also opt-in to receive coupons directly on their cards or be notified of a suspicious purchase and click on “not me” to have a fraud alert set and new card number issued. In another example, a coupon may be sent to the consumer.
Technology is taking us too far:
- In the wallet card:
- The buttons are too small
- Why do I need this card, why cannot I do it on my mobile phone?
- I want one card per function?
- In an elegant cash and liquidity management dashboard CTMfile was shown last week;
- only two figures were used by the busy corporate treasurer
- the rest were ignored, and wished were not there.
CTMfile take: KISS is vital.
Payment cards are going to dominate at point of sale for next 5 years
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Usage grew 15% in 2015; look out for domestic cards becoming a major force; cards no longer matter of just accepting MC & Visa - Retail Bank Research report