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

Life and Style
ebookNow available in paperback
ebooks
ebookPart of The Independent’s new eBook series The Great Composers
News
people Ex-wife of John Lennon has died at her home in Spain
News
Lavigne performing in Seoul at the beginning of last year
people
News
Nick Clegg on the campaign trail in Glasgow on Wednesday; he says education is his top priority
peopleNick Clegg remains optimistic despite dismal Lib Dem poll ratings
Life and Style
2 Karl Lagerfeld and Choupette
fashion
Arts and Entertainment
Buttoned up: Ryan Reynolds with Helen Mirren in ‘Woman in Gold’
filmFor every box-office smash in his Hollywood career, there's always been a misconceived let-down. Now he says it's time for a reboot
News
people
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

    Recruitment Genius: Accounts Administrator

    £14000 - £16000 per annum: Recruitment Genius: This is a security software com...

    Ashdown Group: Graduate IT Support - Surrey - £24,000

    £20000 - £24000 per annum: Ashdown Group: Graduate IT Support Helpdesk / 1st L...

    Recruitment Genius: Field Engineer

    £15000 - £18000 per annum: Recruitment Genius: This company has 30 years of ex...

    Recruitment Genius: Customer Account Manager

    £27000 - £33000 per annum: Recruitment Genius: This fast growing cloud based I...

    Day In a Page

    War with Isis: Iraq declares victory in the battle for Tikrit - but militants make make ominous advances in neighbouring Syria's capital

    War with Isis

    Iraq declares victory in the battle for Tikrit - but militants make make ominous advances in neighbouring Syria
    Scientists develop mechanical spring-loaded leg brace to improve walking

    A spring in your step?

    Scientists develop mechanical leg brace to help take a load off
    Peter Ackroyd on Alfred Hitchcock: How London shaped the director's art and obsessions

    Peter Ackroyd on Alfred Hitchcock

    Ackroyd has devoted his literary career to chronicling the capital and its characters. He tells John Walsh why he chose the master of suspense as his latest subject
    Ryan Reynolds interview: The actor is branching out with Nazi art-theft drama Woman in Gold

    Ryan Reynolds branches out in Woman in Gold

    For every box-office smash in Ryan Reynolds' Hollywood career, there's always been a misconceived let-down. It's time for a rethink and a reboot, the actor tells James Mottram
    Why Robin Williams safeguarded himself against a morbid trend in advertising

    Stars safeguard against morbid advertising

    As film-makers and advertisers make increasing posthumous use of celebrities' images, some stars are finding new ways of ensuring that they rest in peace
    The UK horticulture industry is facing a skills crisis - but Great Dixter aims to change all that

    UK horticulture industry facing skills crisis

    Great Dixter manor house in East Sussex is encouraging people to work in the industry by offering three scholarships a year to students, as well as generous placements
    Hack Circus aims to turn the rule-abiding approach of TED talks on its head

    Hack Circus: Technology, art and learning

    Hack Circus aims to turn the rule-abiding approach of TED talks on its head. Rhodri Marsden meets mistress of ceremonies Leila Johnston
    Sevenoaks is split over much-delayed decision on controversial grammar school annexe

    Sevenoaks split over grammar school annexe

    If Weald of Kent Grammar School is given the go-ahead for an annexe in leafy Sevenoaks, it will be the first selective state school to open in 50 years
    10 best compact cameras

    A look through the lens: 10 best compact cameras

    If your smartphone won’t quite cut it, it’s time to invest in a new portable gadget
    Paul Scholes column: Ross Barkley played well against Italy but he must build on that. His time to step up and seize that England No 10 shirt is now

    Paul Scholes column

    Ross Barkley played well against Italy but he must build on that. His time to step up and seize that England No 10 shirt is now
    Why Michael Carrick is still proving an enigma for England

    Why Carrick is still proving an enigma for England

    Manchester United's talented midfielder has played international football for almost 14 years yet, frustratingly, has won only 32 caps, says Sam Wallace
    Tracey Neville: The netball coach who is just as busy as her brothers, Gary and Phil

    Tracey Neville is just as busy as her brothers, Gary and Phil

    The former player on how she is finding time to coach both Manchester Thunder in the Superleague and England in this year's World Cup
    General Election 2015: The masterminds behind the scenes

    The masterminds behind the election

    How do you get your party leader to embrace a message and then stick to it? By employing these people
    Machine Gun America: The amusement park where teenagers go to shoot a huge range of automatic weapons

    Machine Gun America

    The amusement park where teenagers go to shoot a huge range of automatic weapons
    The ethics of pet food: Why are we are so selective in how we show animals our love?

    The ethics of pet food

    Why are we are so selective in how we show animals our love?