MasterCard aims to remain on the forefront of virtual payment technology with battery-powered credit cards. This technology is still in its extreme infancy but might prove to change the way the world uses credit cards.
Battery-powered credit cards may equally sound like something out of a science fiction novel, as well as the reject piles at the patent office but if Dynamics Inc and MasterCard have anything to say about it, they will constitute the next phase of personal credit technology.
Even as the United States, which is, as always, behind the rest of the world when it comes to technology, is only now getting acquainted with contactless payment systems (like EMV chips and virtual wallets), this new concept is already under development. This is what Dynamics Inc is doing for MasterCard, as they have begun production on MasterCard-branded, battery-powered credit cards in their plant in Cheswick, Pennsylvania.
Of course, as a consumer, the first question you probably have is “what, exactly, are battery-powered credit cards.” Physically, battery-powered credit cards appear to be the same as a traditional credit card. In fact, the only difference is that the card contains two battery-powered buttons on the front.
These two buttons are the electronic components needed to make purchases or redeem associated rewards. Pressing either button will activate the card, which will be confirmed by a light that turns on, which signals the user to confirm their purchase choice; all of this supported by a tiny, thin computing device that controls the magnetic strip, allowing the user to alter the information contained therein. At this time, you can swipe the card as normal.
The next question, obviously, would be in regards to whether or not you will need to charge the batteries or replace them at any point. Fortunately, the technology that is currently under development will employ batteries that can last for more than three years on one charge.
This new card from MasterCard is not, actually, the first card to be released with Dynamix, Inc technology. The Citi 2G credit card, which debuted last October under a limited launch, was actually the first credit card to utilize such technology.
CEO Jeff Mullen believes, though, this development will “change the world forever without changing the way the world works.” Mullen’s company is responsible for the ePlate, which is the device that controls these battery-powered cards and push-button technology that is currently the standard.
Mullen continues “The ePlate device gives the user the ability to personalize their payment experience in a way never before envisioned while earning exclusive content across the world’s first developer ecosystem for payments,” affirming that
MasterCard certification of Dynamics’ proprietary personalization process is a significant milestone for Dynamics. The certification enables us to introduce innovative payment technologies to consumers that can provide added payment services and enhanced security.
This new venture with MasterCard, then, should provide consumers with even more access to the exciting and innovative contactless payment technologies that Dynamics Inc develops. This new technology is slated to give consumers unprecedented control of credit, which they can tailor to suit their particular needs, allowing them to pay when they want, how they want, and where they want.
Mario Shiliashki, a senior vice president at the Emerging Payment division of MasterCard says that their company
continues to be the network leader of payments innovation by enabling new products for the benefit of our issuers, merchants, and end consumers.
This, of course, is completely in line with what Mullen (of Dynamics) stated, above.
As the U.S. hurries to catch up with Europe in the contactless payment world, this new development could indeed create a safer and more secure virtual payment interface.
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