The payment industry has limitless potential for innovation, and the developments in the last decade is a testament to that.
We’ve seen cards been converted into digital wallets. We’ve seen digital wallets been transformed into wearables. And where cards were once had to be swiped across a terminal to complete a transaction, now we have to dip them into a terminal to make a purchase.
Staying in line with the tradition, recently, the payment industry came up with yet another innovation. At the center of this endeavor lies the partnership between Visa and Dynamics, with the two companies naming it Visa Dynamics Wallet Card, or simply, Wallet Card.
What is Visa Dynamics Wallet Card?
Visa Dynamics Wallet Card is a chip embedded card that can store information of multiple credit, debit and loyalty cards, allowing users to perform transactions with a card of their choice.
It’s like a wallet.
The chip that is embedded inside the card is a consumer’s sim card. It further comes integrated with an antenna, and the sim-antenna combination allows the card to communicate with the consumer’s bank from anywhere in the world and at any time of the day.
There’s also a 65000-pixel display mounted on the card which allows easy and convenient communication of information with the users about details pertaining to purchase alerts, discount coupons, remaining balance etc.
The Benefits of Visa Dynamics Wallet Card
Besides the obvious advantage of saving consumers with the inconvenience to carry multiple cards in their pocket at once, some other benefits of Visa Dynamics Wallet Card are:
- In case of security breach, consumers will be instantly notified through the display and can contact their bank immediately, requesting for a new account number.
- The card can itself be used as a marketing vehicle, where retailers can communicate their promotions with consumers via the on-card display
- The card comes with a self-charging battery so consumers don’t have to worry about their cards running out of juice in the middle of a transaction process.
The card was unveiled on January 9, 2018 and will be available for pilot testing in early 2018. To find out when the card will be available in your region, check out this link.
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