The Future of Smart Credit Cards

in Blog Post, Card Machines, Industry Trends, New Technology, Security, Risk & Fraud, Small Business 21st July 2017

In this week’s blog post we take a sneak peek into the newest concept in Credit Card Design – the all in one Smart Credit Cards.

The Card Payments Industry is constantly evolving and developing technology that can streamline the process of customers making purchases on their bank account. One of these advancements is the design of one card that would undertake the task of the many cards that you currently have in your wallet or purse.

What is a Smart Credit Card?

The concept of a Smart Credit Card is one card that will replace the need for different types of payment card. For example, items such as credit and debit cards as well as other payment cards and travel cards can all be placed together in a single card utilising near field communication (NFC) contactless technology to perform the various tasks needed

This will mean one password, one card for everything.

How will the Technology work?

The Smart Credit Card will look like any other card and will, of course, be designed to represent the payments companies design choices. Some payment companies have one magnetic stripe contained within the card design, while others have two. Having two means that the card will be more compatible across a wider range of card machines.

A built-in microprocessor will use a Bluetooth connectivity to make connections and communicate with existing smart card readers. Smart credit cards will also work in conjunction with smartphones, offering a reading device with is plugged into the phone, allowing the user to then swipe any card they wish, storing the information on an app. This information is then transferred onwards to the smart credit card.

How is a Smart Credit Card used?

As with the technology, different payment companies will operate their own Smart Credit Cards differently. Some will contain graphics display areas offering users the option to scroll through the various cards they have stored within them. Others use LED lights or screens similar to those found within a calculator. When the user chooses which card they wish to use, the magnetic stripe is engaged.

Are there any security concerns?

Storing many cards in one place will naturally present concerns about your banking details security. To combat this, measures will always be in place which will require the user to register with the payment company of the smart credit card and answer various security questions.

This means that the Smart Credit Card details will be required to match the details you hold on your Smartphone and the app to be used. Data encryption will also be used, and the numbers of your bank accounts are never displayed, which adds a further level of safety and security.

Will Smart Credit Cards be widely used?

At present, it is difficult to tell as to how widespread the use of smart credit cards will become. While the technology exists, there have been setbacks in it reaching the marketplace. Manufacturer ‘Plastc’ filed for bankruptcy in April 2017, citing budgetary reasons, whilst another company patenting their own design known as the EDGE Card has yet to launch, giving a fresh date of 2018 as an estimate.

Another company known as Stratos Card have also experienced difficulties from a financial point of view, but are still intent on launching. The potential and scope of the Smart Credit Card could be huge, offering a radical, streamlined and easy new payment option to customers.

Whether the financial viability of offering such a payment process is in place is yet to be seen.

However, you can be sure that Card Cutters will be at the forefront of being able to offer any new technology in the future.

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