September 17, 2010
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News: New Generation Credit Card
According to statistics by the Federal Reserve's Survey of Consumer Payment Choice, the average credit cardholder has 3.5 different card accounts. If you are one of those consumers, do you get tired of carrying around all those credit cards? At a technology conference this week, Dynamics, Inc. introduced the concept of "Card 2.0". The card, which is not yet available would give consumers the option of consolidating all their credit cards onto one card. Imagine that; only having to carry one card in your wallet or purse. Ladies, what a treat being able to leave a purse and all those cards at home when you go to a special event and carrying only one little card.
According to Dynamics, the creator of the next generation credit cards, a simple press of a button on the card would switch the magnetic strip information from one account to another. A light which is embedded in the card indicates which account has been selected for use. A battery operates the multi account credit card and is designed to last until the card expires. The multiple account card would be issued by one lending institution which require that all accounts on the card would need to be issued by the same lender. Another great feature of the card is that it provides access to automatic teller machines (ATM) as well.
Dynamics also previewed its Hidden card. The company explained that unlike a traditional credit card, the Hidden card would not display the full 16 digit card number on the front. At the time or purchase, the cardholder would enter a personal identification number (PIN) on the card to view the remaining numbers of the account on a display. An electronic strip is generated with the appropriate account information. When the transaction is complete or if the cardholder changes his/her mind about making a purchase, the screen is powered off. All card information is erased off the display without leaving any information for another individual to access.