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The debit card likely will not go the way of the paper check, its role is rapidly transforming, and its days as a single-purpose product are looking increasingly numbered.
August 24 -
Dynamics Inc. made a splash last year with the launch of a Citi-issued multipurse card that has a built-in screen and keypad, but all of those features are duplicated by the mobile wallet systems that have been announced since then — including Google Wallet, which also has Citi's support.
June 30 -
Dynamics Inc. has introduced a magnetic stripe card that can use dynamic data at the point of sale to improve security.
October 19
Dynamics Inc. announced Monday a chip card that can re-write itself and hold two different accounts.
The Pittsburgh start-up said the card will carry two separate chips – an embedded chip that writes temporary chip profiles and an exposed chip that will convey the user's selection at the point of sale. The new product is a chip-based variation of Dynamics' rewritable magnetic-stripe card, which lets users select an account by pressing a button built into the plastic card.
The U.S. is moving slowly toward adopting the EMV Integrated Circuit Card Specifications, commonly called "chip and PIN" for their most prominent security feature. The format is used in many countries as a way to improve security over the magnetic stripe.
Dynamics calls its new product "Chip & Choice." The company designed it to improve the way EMV cards work, says Dynamics' chief executive, Jeff Mullen.
"To realize new payment applications in Europe," where the EMV standard is more common, "the software in each [point of sale terminal] must be updated," Mullen said in a press release Monday. "Europe, however, cannot wait the 8-10 years needed to fully upgrade terminals each time a new payments application is desired by a consumer."
