A Beijing-based start-up firm OneCard is set to come up with a new device, OneCard, which is being claimed to replace all the plastic credit cards with a single card.
Unlike the San Francisco-based startup Coin, which only stores credit cards, OneCard will be designed to hold prepaid cards and membership or loyalty cards. It can be used for swiping at point-of-sale (PoS) devices in Chinese stores, reported techinasia.com.
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Additionally, the OneCard will incorporate near field communication (NFC), and will support the tap-to-pay function at Beijing and Shanghai public transport systems.
Though the OneCard will store bank and credit card details, it will not remember individual passwords, instead will require a unique password to be activated.
Unlike the Coin, which is tagged to the user’s smartphone through Bluetooth and shuts off if it goes out of Bluetooth range, the OneCard is not tagged to a mobile device.
OneCard team told the website that a working prototype will be ready later this month, and production and shipping to its crowdfunding investors will be rolled out by March 2014.
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By GlobalDataThe company will release OneCard in two versions, simpler one will cost CNY99 ($16), while the luxury version will cost CNY219 ($36).
