New Payment Cards with Electronics Will Provide Unprecedented Levels of Functionality; Product Wins Best of Innovation Award at CES 2018
CES & UNITED ARAB EMIRATES-Tuesday, January 9th 2018 [ AETOS Wire ]
(BUSINESS WIRE) -- Dynamics Inc. and Emirates NBD, a leading bank in the Middle East and a front-runner in digital banking solutions today at the 2018 Consumer Electronics Show (“CES”) announced plans to introduce the first battery-powered, interactive payment cards to the United Arab Emirates in 2018.
Wallet Card™ is the world’s first connected, secure payment card. In recognition of the bank’s digital leadership, The Consumer Electronics Association (CEA) presented Emirates NBD with four CES Innovation awards including the Best of Innovation Award for Security Technologies. It was an honoree for Computers, Embedded Technologies, and Technologies for a Better World.
This marks the first time in history a bank has been awarded the consumer electronics industry’s most prestigious award.
Key Wallet Card™ benefits
Fastest data breach response and replacement - If a data compromise occurs at a merchant, the bank can instantly delete the compromised card account number and replace it immediately with a new card and new account number. This provides reduced fraud risk and peace of mind for the consumer with a new card.
Multiple cards in one - With the Wallet Card, consumers can access their debit, credit, pre-paid, multicurrency, one-time use, or loyalty cards on a single card with the tap of a button.
Anywhere distribution - Wallet Card is the first instant, digital card platform. Banks can distribute Wallet Card anywhere and at any time – such as in their retail branches, during events or even in-flight and consumers can activate it immediately. Card information can then be downloaded through a secure, over-the-air cellular connection.
Rapid Card Replacement - Each year, hundreds of millions of consumers lose their card or have it stolen. With regional Wallet Card fulfillment, a new card can be couriered directly to the consumer within hours. The consumer can then instantly restore their wallet by downloading their cards.
Tighter connections between consumers, issuers and retailers - Messages can be sent to the Wallet Card at any time. For example, after every purchase, a message may be sent to notify the consumer of the purchase and their remaining balance if they used a debit or loyalty card. Consumers can also receive coupons directly on their cards or be notified of a suspicious purchase and click on “not me” to have a fraud alert set and new card number issued. In another example, a coupon may be sent to the consumer.
The Technology Behind Wallet Card
Dynamics’ Wallet Card is a full telecommunications platform in the same size and shape as a normal credit or debit card. With almost 200 internal components, the device incorporates a number of cutting-edge technologies including:
A cell phone chip and cell phone antenna so data can be transferred between Wallet Card and the bank anywhere in the world and at any time of the day.
A battery and organic recharging chip so that the card charges itself through normal operation. Wallet Card can last indefinitely without the need for the consumer to perform any physical action.
A card-programmable magnetic stripe, card-programmable EMV chip, and a card-programmable contactless chip. At any time a new card profile can be downloaded to the card so that when that card is selected, the card’s magnetic stripe, EMV, and contactless data is written to the associated components.
A 65,000 pixel display and user interface so that a cardholder can change between different cards and informational screens.
“Emirates NBD is a visionary bank that has enabled a visionary product with the award-winning Wallet Card,” said Jeffrey Mullen, CEO of Dynamics Inc. “With Wallet Card, Emirates NBD will revolutionize the UAE payment experience to provide the fastest and most secure card services and features in the UAE.”
“As part of our commitment to offer an enhanced banking experience through innovation, we are bringing the best card technology in the world to the UAE so our customers can have the best card experience,” said Suvo Sarkar, Senior Executive Vice President & Group Head - Retail Banking & Wealth Management at Emirates NBD. “Our customers will soon be able to download new cards, and receive remote card notifications, directly onto their Emirates NBD Wallet Card™. This will provide unprecedented levels of choice, flexibility, and security never before offered in the UAE.”
Product examples will be on display in booth 30359 and the Innovations Showcase at Tech West, Venetian, Ballroom E/F at CES 2018, which runs January 9-12 in Las Vegas. Emirates NBD Group has also announced plans to introduce Wallet Card in its Kingdom of Saudi Arabia and Egypt markets, with its subsidiary, Emirates Islamic.
About Dynamics Inc.
Dynamics has three business units – an intelligent card, value-added processing, and phone payment technology business unit. The Company’s intelligent card division has introduced market defining card products such as the world’s first multiple account card (Canada), the world’s first password protected card (Asia), and the world’s first multiple co-brand card (USA). The Company’s value-added processing division provides real-time loyalty or purchase notification to millions of consumers and includes customers such as Tim Hortons and the Upper Deck Company. The Company also produces pay-by-phone technology that is used in cell phones. LG Electronics leverages Dynamics technology in LG Pay. Dynamics has raised over $110 million dollars in funding from investors including Mastercard, CIBC, Adams Capital Management, and Bain Capital Ventures. Dynamics operates multiple manufacturing facilities, physical card personalization, and remote data trusted service manager (TSM) facilities, with its Global Headquarters in Pittsburgh, Pa., APAC headquarters in Singapore, LATAM headquarters in Sao Paulo, Brazil, and EMEA headquarters in New York. More information on the company, its technology and applications can be found at www.dynamicsinc.com.
About Emirates NBD
Emirates NBD is a leading banking Group in the region. As of 30th September 2017, total assets were AED 461.1 Billion, (equivalent to approx. USD 125 Billion). The Group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry, with over 90 per cent of all financial transactions and requests conducted outside of its branches. The bank was declared the Most Innovative Financial Services Organization of the Year at the 2017 BAI Global Innovation Awards.
The bank currently has 231 branches and 1031 ATMs and SDMs in the UAE and overseas and a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand. It is a major player in the UAE corporate and retail banking arena and has strong Islamic Banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations.
The Group has operations in the UAE, Egypt, the Kingdom of Saudi Arabia, India, Singapore, the United Kingdom and representative offices in China and Indonesia.
The Group is an active participant and supporter of the UAE’s main development and community initiatives, in close alignment with the UAE government’s strategies, including financial literacy and advocacy for inclusion of People with Disabilities under its #Together Limitless platform. Emirates NBD Group is an official premier partner of EXPO 2020. For more information, please visit: www.emiratesnbd.com.
All Trademarks are the property of their respective owners
View source version on businesswire.com: http://www.businesswire.com/news/home/20180108006004/en/
Contacts
Media
MSL for Dynamics, Inc.
Mark McClennan or Jennifer Asaro
781-684-0770
dynamics@mslgroup.com
Permalink : http://aetoswire.com/news/5328/en
No comments:
Post a Comment