The credit card is getting an upgrade. It also won the CES 2012 Innovation award.
Jeff Mullen, CEO of Powercards joins us to talk about the Dynamic Credit Card. They just raised over 40 million dollars to create one of the smallest devices ever developed. 70 electrical components in the size of a credit card.
This is the world’s first card re-programmable mag stripe. Push a button and the card will re-write the data to the magstripe. You can then swipe your card into the reader.
It feels like a regular credit card. You can bend it, and put in your wallet. The cards are completely sealed, so they can get wet without issue. The battery will last for up to four years.
If you have multiple accounts (personal, business), then you can push a button and your card is a business credit card. Push the other button, it is your personal credit card. After a while, the card can clear off your mag stripe, so you are forced to chose your card type again.
Another use of these cards would be Reward points. Push a button, and your card is using your rewards points.
There is another card that has a pin code on it. Enter your pin code and the system will put your card info on the mag stripe. After use, the mag stripe will clear, so your card becomes a blank piece of plastic.
Finally, Jeff showed us a medical card that will show emergency numbers and other medical information medical professionals may need to keep you alive. The card comes with a card holding case that you put in with your drivers licence. During emergencies, medical professionals look for your ID, then pull out the life card. They get a number which they put into their computers and get important information.
The cards do not have a price point. The cards will be announced later in 2012.