Smartphones, the credit cards of the future

Hold on tightly to your smartphone - along with carrying highly identifiable personal information, it is about to replace your credit cards and become a primary method of payment... that is, if you haven't already had a smart chip installed in your wrist.

According to next-generation payment device maker Dynamics Inc., credit cards are set to get very smart in the next few years.

The company revealed its next-generation payment device in a card form factor at the FinovateFall 2010 conference in Manhattan on October 5. Called Redemption, the card "allows consumers to pay at the point of sale with credit or request to redeem their reward points or cash rewards toward the purchase of any item at any merchant."

"The face of the device is printed with a single credit account number and includes two buttons with associated light sources. A user can choose whether to use points or use credit at the point of sale by pressing the appropriate button. The card will then visually indicate the selection by turning ON the light source associated with the selected option," explained Dynamics.

Citibank in the US is currently trialing the card with selected clients and expects to expand the trial to additional US credit card customers in November.

While innovative companies are trialing new forms of credit card technologies, the mobile industry is in hot pursuit, developing new, more secure ways for you to bank with your mobile phone.

Technology blog Fast Company says that while consumers try to get their heads around the new intelligent piece of plastic that carries access to their life savings, the technology will be replaced by smartphones.

According to the blog both Apple and Nokia have been patenting in-phone RFID technologies.

RFID (radio-frequency identification) is a near-field communication tool that lets users transfer funds or information by swiping their device (such as a mobile phone) over an RFID reader.

"It seems increasingly certain Apple is going to bring RFID into common usage with the iPhone for 2011 (the iPhone 5) because there's a new patent that shows just how far Apple has gone with design thinking for RFID," writes Fast Company.

"The patent shows how an RFID loop, powerful enough to act as both RFID tag or a tag-reader, can actually be built right into the complex layered circuitry of the iPhone (or iPod Touch) screen."

Meanwhile, people still signing their fortunes away on paper (checks), will be brought into the future with a new mobile application feature released by PayPal on October 5. The iPhone application lets users take a photo of a check and deposits the money into their account.

http://www.fastcompany.com/1693165/credit-cards-to-go-electronic-then-disappear-wirelessly-into-iphone-screens

http://www.patentlyapple.com/patently-apple/2010/10/apple-patent-iphone-display-may-double-as-an-rfid-transponder.html

http://itunes.apple.com/us/app/paypal/id283646709?mt=8

Arts and Entertainment
Supporting role: at the Supreme Court, Rhodes was accompanied by a famous friend, the actor Benedict Cumberbatch
booksPianist James Rhodes on the extraordinary legal battle to stop the injunction of his memoirs
Arts and Entertainment
Jesuthasan Antonythasan as Dheepan
filmDheepan, film review
Sport
Steven Gerrard scores for Liverpool
sport
News
Tattoo enthusiast Cammy Stewart poses for a portrait during the Great British Tattoo Show
In picturesThe Great British Tattoo Show
Life and Style
ebookNow available in paperback
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

ES Rentals

    iJobs Job Widget
    iJobs Gadgets & Tech

    Guru Careers: Software Developer / C# Developer

    £40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...

    Guru Careers: Software Developer

    £35 - 40k + Benefits: Guru Careers: We are seeking a Software Developer (JavaS...

    Ashdown Group: UI Developer - (UI, HTML, CSS, JavaScript, AngularJS)

    £25000 - £40000 per annum: Ashdown Group: UI Developer - (UI, JavaScript, HTML...

    Ashdown Group: Graduate UI Developer - HTML, CSS, Javascript

    £25000 - £30000 per annum: Ashdown Group: Graduate UI Application Developer - ...

    Day In a Page

    Sun, sex and an anthropological study: One British academic's summer of hell in Magaluf

    Sun, sex and an anthropological study

    One academic’s summer of hell in Magaluf
    From Shakespeare to Rising Damp... to Vicious

    Frances de la Tour's 50-year triumph

    'Rising Damp' brought De la Tour such recognition that she could be forgiven if she'd never been able to move on. But at 70, she continues to flourish - and to beguile
    'That Whitsun, I was late getting away...'

    Ian McMillan on the Whitsun Weddings

    This weekend is Whitsun, and while the festival may no longer resonate, Larkin's best-loved poem, lives on - along with the train journey at the heart of it
    Kathryn Williams explores the works and influences of Sylvia Plath in a new light

    Songs from the bell jar

    Kathryn Williams explores the works and influences of Sylvia Plath
    How one man's day in high heels showed him that Cannes must change its 'no flats' policy

    One man's day in high heels

    ...showed him that Cannes must change its 'flats' policy
    Is a quiet crusade to reform executive pay bearing fruit?

    Is a quiet crusade to reform executive pay bearing fruit?

    Dominic Rossi of Fidelity says his pressure on business to control rewards is working. But why aren’t other fund managers helping?
    The King David Hotel gives precious work to Palestinians - unless peace talks are on

    King David Hotel: Palestinians not included

    The King David is special to Jerusalem. Nick Kochan checked in and discovered it has some special arrangements, too
    More people moving from Australia to New Zealand than in the other direction for first time in 24 years

    End of the Aussie brain drain

    More people moving from Australia to New Zealand than in the other direction for first time in 24 years
    Meditation is touted as a cure for mental instability but can it actually be bad for you?

    Can meditation be bad for you?

    Researching a mass murder, Dr Miguel Farias discovered that, far from bringing inner peace, meditation can leave devotees in pieces
    Eurovision 2015: Australians will be cheering on their first-ever entrant this Saturday

    Australia's first-ever Eurovision entrant

    Australia, a nation of kitsch-worshippers, has always loved the Eurovision Song Contest. Maggie Alderson says it'll fit in fine
    Letterman's final Late Show: Laughter, but no tears, as David takes his bow after 33 years

    Laughter, but no tears, as Letterman takes his bow after 33 years

    Veteran talkshow host steps down to plaudits from four presidents
    Ivor Novello Awards 2015: Hozier wins with anti-Catholic song 'Take Me To Church' as John Whittingdale leads praise for Black Sabbath

    Hozier's 'blasphemous' song takes Novello award

    Singer joins Ed Sheeran and Clean Bandit in celebration of the best in British and Irish music
    Tequila gold rush: The spirit has gone from a cheap shot to a multi-billion pound product

    Join the tequila gold rush

    The spirit has gone from a cheap shot to a multi-billion pound product
    12 best statement wallpapers

    12 best statement wallpapers

    Make an impact and transform a room with a conversation-starting pattern
    Paul Scholes column: Does David De Gea really want to leave Manchester United to fight it out for the No 1 spot at Real Madrid?

    Paul Scholes column

    Does David De Gea really want to leave Manchester United to fight it out for the No 1 spot at Real Madrid?