Yes, electronic credit cards are here! Prototypes and trial versions of these new 21st century marvels have been in use in selected markets for the past several years and will soon be available across the United States.
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Electronic credit cards are not to be confused with smart credit cards, currently all the rage in Europe and many other nations, but only in limited use in the United States. A smart card contains a computer chip with encoded cardholder account information. This system replaces the familiar magnetic strip that has been in general use since the 1970s.
Electronic Credit Cards Are the Wave of the Future
They are not smart cards. Instead, think of a credit card, which contains a number of electronic components and circuits inside, more like a miniature computer shaped like a credit card. Just as a credit card, this mini-computer is thin, light and flexible as well as durable.
An electronic credit card will have a magnetic strip, but one that is programmable, changing each time the card is used.
A single electronic credit card is designed to take the place of several old style cards. Innovations include being able to change the account or card number for each transaction.
Details of each transaction are stored in the card’s resident memory, eliminating the need for paper receipts. Electronic credit cards require PIN activation so they are less likely to be used if lost or stolen and are much more secure than traditional plastic credit cards.
Dynamics is at the Forefront of Electronic Credit Card Technology
Founded just five years ago in 2007, Dynamics’ trademarked Card 2.0 was named the best innovation in personal electronics at the 2011 Consumer Electronics Show held in Las Vegas, Nevada. CES is the largest consumer tech show in the world.
This prestigious award is but one of many honors and accolades that Dynamics has earned in its brief history.
Inside the Dynamics Electronic Card 2.0
The Internet based Business Wire website, a Berkshire Hathaway Company, describes the many patented features of Card 2.0. At the core of Dynamics’ technology is the electronic stripe, the first fully programmable magnetic stripe.
The stripe can change any piece of information at any time, and can be read by any standard existing POS, point-of-sale, credit card reader. The Dynamics cards are designed to last up to four years on a single charge. Card 2.0 is a rugged, versatile, and paper thin computer.
More about the Dynamics’ Technology
The technology behind the revolutionary Dynamics Card 2.0 platform can provide users with a limitless number of applications. Technology experts herald the Dynamics credit card as being as important to the credit card industry as the iPhone has been to personal communications and entertainment. In fact, a marriage of the electronic credit card and the smart telephone is already in the works!
Card 2.0 patented applications include MultiAccount, which uses two buttons located on the face of the card to move between various credit accounts associated with the card. A built-in light source is activated to clearly indicate which account has been chosen. Once selected, the account information is then added to electronic stripe.
In the future, electronic credit card holders will have the choice to use cash by debiting an asset account or they may choose a credit account or even use points or other rewards earned on a credit card. The redemption feature of Card 2.0 can be activated with the touch of a button illuminating the indicator for the desired selection.
Once the account selection and payment option is made, the information is electronically written on the electronic stripe. The card can then be used at a magnetic stripe reader and the transaction completed.
Security Features of the Dynamics Electronic Credit Card
The hidden device includes a flexible five-button display which hides a part of the cardholder’s credit account or payment account number until the cardholder enters a PIN to unlock the device. Only then will the account number display and account information be transferred to the electronic stripe for processing.
After a given amount of time, the lit display on the card will automatically turn off, removing the account number from the visual display and erasing the information contained on the electronic stripe. If lost or stolen, the Card 2.0 is essentially unusable.
For added security, the Card 2.0 utilizes a dynamic credit card process that adds a unique security code to every card transaction. This process will virtually eliminate credit card fraud that would depend on using skimmed or stolen account numbers.
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