Emergence of hidden payments in the retail industry currently is at the rate of 40%. Banks are looking at providing convenience to users in offering services by upholding security. Cards with flexibility of having multiple accounts with the switch feature is the latest trend. It’s highly user-friendly. The concept of multi account cards is emerging as an alternative to carry multiple cards in your wallet. So, all your payment options can be organized into one dynamic card.
Information of multiple credit, debit, loyalty and gift cards can be stored on a single card, which again looks and works almost like a normal credit card. Despite the fact that this technology is still at a nascent stage, the cards in the market are already promising a level of mind-boggling expediency.
How does it work?
Setup multiple cards into one digital/smart card. When the users select the card they wish to use, an induction coil integrated within the card sends out a signal, which re-programs its magnetic stripe. These cards also have an associated wallet application that helps in managing all your transactions with greater ease.
Setup multiple cards into one digital/smart card. When the users select the card they wish to use, an induction coil integrated within the card sends out a signal, which re-programs its magnetic stripe. These cards also have an associated wallet application that helps in managing all your transactions with greater ease.
As easy as a Credit Card!
It is as easy as choosing a card from your wallet! All you need to do is choose a card previously stored on your smart card. Manufacturers want to make this procedure as tranquil as possible so that it’s easy for a user to simply take out their smart card, pick a pre-loaded card from it, and transact.
It is as easy as choosing a card from your wallet! All you need to do is choose a card previously stored on your smart card. Manufacturers want to make this procedure as tranquil as possible so that it’s easy for a user to simply take out their smart card, pick a pre-loaded card from it, and transact.
Security Concerns
Security is the main watchword as this is an entirely new concept. The manufacturers have to be extremely cautious about how cards are stored, programmed, secured and also ensure to maintain PCI standards.
What if Lost?
These cards, if lost, have a provision of erasing all the card information stored when it is reported from an associated wallet application. Once found, one can re-load the card information from the associated wallet. This ‘Unique remote Wipe’ card works with the logic wherein the card has to be in proximity with the smartphone. If not, a user can select the remote wipe functionality to signal the battery present in the card to wipe off all the information stored and only display support /contact information.
These cards, if lost, have a provision of erasing all the card information stored when it is reported from an associated wallet application. Once found, one can re-load the card information from the associated wallet. This ‘Unique remote Wipe’ card works with the logic wherein the card has to be in proximity with the smartphone. If not, a user can select the remote wipe functionality to signal the battery present in the card to wipe off all the information stored and only display support /contact information.
Are these Future Proof?
Manufacturers claim that these cards that are capable of programming EMV cards. However, the same cards can also be used for NFC-based contactless payments. This support for EMV is of high importance as liability shift is taking effect where merchant terminals which don’t support EMV cards will be held responsible in case of fraudulent transactions.
Conclusion
Adoption to market is quite slow although it provides value addition and comfort for the customers. Yet, this innovation in the banking industry helps in offering better services to customers. In future, this technology can definitely be seen as a replacement for wallets.
Manufacturers claim that these cards that are capable of programming EMV cards. However, the same cards can also be used for NFC-based contactless payments. This support for EMV is of high importance as liability shift is taking effect where merchant terminals which don’t support EMV cards will be held responsible in case of fraudulent transactions.
Conclusion
Adoption to market is quite slow although it provides value addition and comfort for the customers. Yet, this innovation in the banking industry helps in offering better services to customers. In future, this technology can definitely be seen as a replacement for wallets.
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