IOT Credit Card is the Solution

The Dynamics company introduced new functionalities for its Wallet Card, an Internet of Things (IoT) connected credit card at the WMC 2018. Two-way communication between banks and cardholders is a highlight, as faster connections could mean safer cards and quicker account changes. Now consumers will be able to communicate with their bank via a connected credit card. I know you are thinking, what does this mean and why would I want this. First off it means safer cards and quicker account changes.

Dynamics CEO Jeffrey Mullen said in the release “We had promised that we would unveil new features with incredible strategic and financial value for both banks and consumers,”. “Today, we start to deliver on that promise by unveiling that the connected Wallet Card has the ability to wirelessly send consumer requests to a bank through the card’s telecommunications connection. 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.”

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.

Whats this one do?

There are 3 big features that creates new opportunities for communication and value this will bring to the end card user. one it will let the bank verify purchases. Lets say if an FI suspects a fraudulent purchase using an existing card, the bank can ask a consumer to verify on their card that they made a particular purchase and the consumer can quickly respond. It will allow the banks to offer on-the-spot credit limit increase . Instead of the  declining a transaction, the FI can ask a consumer if they would like to increase the credit limit on their card.

It will also give the financial institutions the benefit of adding cards. If the FI believes a consumer might benefit from a new card offering, the bank can ask if the cardholder would like to download the new card immediately. Or if you need to Upgrade cards ,  the bank can ask a consumer if they would like to upgrade their card to one that has additional features or value.

The Final Thought.

Seems cool. Sign me up. Makes clearing all those subscription services easy to cancel if I can just tap my card and get a new card number.