Dynamics Inc. has created a chip card that can re-write itself and hold two different accounts, the company announced Sept. 19.
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 Pittsburgh-based startup said. The new product is a chip-based variation of Dynamics’ rewritable magnetic stripe card, which enables users to select an account by pressing a button built into the plastic card.
The U.S. is moving slowly toward adopting the EMV “chip and PIN” standard as the most prominent security feature. Many countries use the format to improve security over the mag 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. “Europe, however, cannot wait the 8 to 10 years needed to fully upgrade terminals each time a new payments application is desired by a consumer.”
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