Dynamics has added two-way communication functionality to its payment card, dubbed Wallet Card, for allowing cardholders to send information to their bank.
Prior to the update, consumers were able to only receive information from the bank through the card’s telecommunications connection.
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The new feature is expected to facilitate quick purchase verification to avoid fraud, instant limit increase on credit cards with consent from customers, and immediate addition of new card or upgrade of existing card, among others.
Dynamics CEO Jeffrey Mullen 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.”
Similar to any other debit or credit card, Wallet Card has been designed as a full telecommunications platform with a cell phone chip and antenna to enable data transfer between the card and bank.
The card is also integrated with a battery and organic recharging chip for self-recharge, resulting in indefinite lifespan and eliminating the need for any physical action on part of the consumer.
It further employs a card-programmable magnetic stripe, EMV chip and contactless chip, along with a 65,000 pixel display and user interface to allow interchange between various cards and informational screens.
