Visa to roll out first connected multi-account card
Written by Chris Lemmon
Visa has collaborated with tech firm Dynamics to unveil the ‘Wallet Card’ – a connected payment card that incorporates new features and technologies, as well as stores multiple payment cards.
Features of the new Visa-branded Dynamics Wallet Card range from the ability to access multiple cards – whether EMV, contactless, or magnetic stripe-based – to a programmable on-card display that enables account information, such as alerts or coupons, to be sent to the cardholder.
Cardholders can access their debit, credit, prepaid, multi-currency or loyalty cards on the single card with the tap of a button. Account information is shown on the on-card display with the ability to toggle between cards or accounts.
Issuing banks will also be able to quickly delete a compromised card account number and replace it with a new number, without having to replace the card.
Mark Nelsen, senior vice president of risk and authentication products at Visa, commented: “Innovation in the payments category is not limited to wearables, cars, security or mobile technology – there is still much that can be done to update the card-based experience, which continues to be the primary form factor used globally to complete digital payments transactions.
“Having collaborated with Dynamics since they launched their first product several years ago, we’re excited about the many unique benefits that the Visa Wallet Card can offer to both financial institutions and cardholders, alike.”
Jeffrey Mullen, CEO of Dynamics, added: “Visa supported the initial launches of Dynamics first and second-generation powered cards which brought new functionality to payment cards. Today, we are pleased to again have Visa by our side as an integral partner and thought leader as we launch Wallet Card, our most innovative payment card to date.”