Dual Cards: Dynamics Unveils Chip and Choice Technology at Finovate
- New-generation payment cards specialist Dynamics Inc., has released its Chip and Choice technology at Finovate on 20 September 2011.
- Its new payment card includes two chips: a secure, embedded one and an exposed one. The user can choose between different payment options (credit, reward points, etc.) when pressing the buttons placed on the card. The embedded chip then writes a temporary profile on the exposed one based on this selection.
- This new payment card also integrates Dynamics’s Electronic Stripe award-winning technology (world first fully programmable mag-stripe card in 2010).
- The information selected by the consumer is integrated in the chip and in the magnetic stripe, thus enabling wider acceptance of the new card.
- This new card enables the customers to select different payment applications, even with seemingly incompatible POS terminals. This level of flexibility also significantly lowers infrastructures’ update-related costs thus providing merchants, networks, card issuers and consumers with new, more efficient, functionalities.
- With this new card, Dynamics is targeting a large-scale market, whereas magnetic-stripe cards used to limit it to the US territory. For instance, 15 years after EMV deployment in Europe, almost 63% of the cards are EMV compliant and 83% of the POS terminals (source: Pymnts). Also, 40% of POS terminals in Asia-Pacific can accept EMV chips. Dynamics’s Electronic Stripe technology can be accepted by almost all terminals with magnetic stripe readers in this region.