Smartphones, the credit cards of the future
Thursday 07 October 2010
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.
Life & Style blogs
Hayfever pills and sleeping aids can 'significantly increase' risk of Alzheimer’s, says US study
Hershey's angers US chocolate purists by forcing company to stop importing 'yummy' Cadbury bars
The enemy within: People who hear voices in their heads are being encouraged to talk back
SAG Awards 2015: Best and worst gowns on the red carpet
Nike Back to the Future style self-lacing shoes 'will arrive in 2015'
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
30,000 reasons why the rhetoric on immigrants claiming benefits can stop now
- 1 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 2 Dog thinks owner is drowning in lake, dives in and tries to pull him out
- 3 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 4 Chilling drone footage captures Auschwitz ahead of 70th anniversary of liberation
- 5 Narendra Modi: Indian Prime Minister wears suit with pinstripes that spell his name to meet Barack Obama
iJobs Gadgets & Tech
£45000 - £50000 per annum: Investigo: My client, a global leader in providing ...
£28000 per annum: Ashdown Group: A highly reputable business is looking to rec...
£20000 per annum: Ashdown Group: A highly reputable business is looking to rec...
£50000 per annum + 26 days holiday,pension: Ashdown Group: A highly successful...