Building a slide deck, pitch, or presentation? Here are the big takeaways:
- Dynamics’ Wallet Card uses IoT technology to allow two-way communication between banks and cardholders, among other new features.
- Easier communication can expedite the handling of suspected fraud cases or increasing a spending limit, both of which can be helpful for emergencies.
Consumers may soon be able to communicate with their bank via a connected credit card, Dynamics announced on Monday at Mobile World Congress (MWC) 2018.
The company introduced new functionalities for its Wallet Card, an Internet of Things (IoT) connected credit card. Two-way communication between banks and cardholders is a highlight, as faster connections could mean safer cards and quicker account changes.
In the past, banks were able to send information to the consumer, but the cardholder would need to respond by calling or visiting the bank’s website. Now, cardholders can immediately respond via the card, the company said.
“For the first time, a bank can ask a customer a question on the card’s display and get an immediate response,” Jeffrey Mullen, CEO of Dynamics, said in the press release. “With these new consumer insights, the bank can provide better and more informed services.”
SEE: Internet of Things policy (Tech Pro Research)
The size and shape of a standard credit card, the Wallet Card contains a cell phone chip and antenna for data transfers, along with a magnetic stripe, programmable EMV chip, and a programmable contactless chip, the release said. All of the communication with the bank appears on a 65,000 pixel display on the front of the card.
The extended functionality could make using credit cards safer, and working with the issuer quicker. To prevent fraud, a cardholder could be asked to verify that they made a purchase right on the card, according to the release. A card’s credit limit could be expanded quickly if the bank notices the card may be declined for being too close the limit, and new cards or card upgrades can be requested directly on the card.
There may be a few ways for retailers to benefit, too. After paying for something at a store or restaurant, the card could ask for consumer feedback about their experience. Cardholders can also access coupons via the connected card, the release said.
The company didn’t say when the card will be available to the public, but noted that interested consumers could sign up for notifications.