Coming Soon: A "Smarter" Credit Card
There was a time when consumers thought that the magnetic stripes on credit cards were the greatest thing since sliced bread. Keep in mind that prior to the invention of this technology in 1960, 
merchants had to make a manual imprint of every credit card and mail in the credit slips in order to get paid. But, like all things, magnetic stripes are now becoming antiquated: they now are seen as vulnerable to data theft.
Well, hold on to your hats -- because the next great advancement in credit cards may be just around the corner.
Introducing a "smarter" credit card, courtesy of Dynamics, Inc. in Pittsburgh. This revolutionary company has figured out technologies which can greatly benefit cardholders and merchants alike.
This new "smart" credit card is equipped with Dynamics' Electronic Stripe technology, which essentially allows consumers to access different accounts using a single card. For example, these cards can be equipped with a button which a person can push depending on whether he or she wants to charge an item (like using a credit card) or pay for it out of a checking account (like using a debit card).
Furthermore, Dynamics is working on an even more complex credit card that can access multiple accounts. Possible applications include a corporate credit card that can be connected to different individual expense accounts. These cards would have more buttons (perhaps five or so) which would enable a user to program in a "passcode" to gain access to his or her account. The card would then embed a temporary code on the card's magnetic strip that would enable a merchant to complete the transaction.
And here's the best part: when the card is "turned off," the data disappears - so it cannot be stolen or used by an unauthorized person.
One company has already agreed to adopt the Electronic Stripe technology offered by Dynamics. Citibank announced in January that it will conduct a trial of its Citi ThankYou Prestige 2G Card later this year. These new cards will allow cardholders to pay for an item either with traditional credit or by redeeming their rewards points. Users will be able to push a button on the cards themselves to make their selections.
Perhaps one day soon a buyer will have the option of combining his or her credit and debit accounts onto one card -- or even merging each family member's credit card account into a single shared card. Think of these "smarter" credit cards as the latest and greatest advance in consumer technology -- that is, until something even better comes along.
Image: geeksugar.com
5-7-2012
by Chris Martin
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by Dan Seitz
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