Not a day goes by when some entrepreneurial set-up or brilliant mind doesn’t invent new ways to handle our money. Cue futuristic credit cards — think fingerprints for PINs and taps for swipe. Most don’t make it to the drawing table, but the ones that do have some pretty high standards to live up to. While many such products are still first drafts or prototypes waiting in the wings, they’re definitely cooler than what you’re toting right now.
Plastc
The newest kid on the block, San Francisco-based Plastc is coming soon to iOS and Android with a sleek interface and cool features that make swiping easy as pie. Admittedly, the company seemed to have got off on the wrong foot with delivery having been delayed by nearly two years. September is now the new shipping timeline. The card is fitted with a proprietary rechargeable battery; a glossy e-ink touchscreen display; a rewriteable magnetic strip; and storage for up to 20 cards. It can be used following a three-step authorisation process for every transaction — PIN, matching name and an SSN (for US only) — and remotely wiped if stolen. When you want to use a particular card stored on Plastc, all of its details (16-digit card number, CVV, etc.) become visible unless you put it in Lock mode.
Zwipe MasterCard
The brainchild of Zwipe, a Norwegian fingerprint authentication start-up, the Zwipe MasterCard is the world’s first fingerprint-activated contactless payment card. Clearly, there’s potential here — the company managed to raise $11 million (Dh40.4 million) to develop the product and get the pilot programme with Sparebanken DIN in Norway off the ground. The card doesn’t require a PIN or password to authenticate transactions. The fingerprint is stored on it instead of an external database, and it works with existing infrastructure. The coolest bit, however, is Zwipe’s energy-harvesting technology, which negates the need for batteries and outer power supply. The card instead draws power from POS terminals to operate. No wonder then that it won the Innovation in Payments award at the FinTech Innovation Awards in London in April.
Stratos
Michigan-based Stratos rolled out its first bunch of cards last year and while it didn’t quite hit the mark, it wasn’t the final product either, CEO and Co-founder Thialgo Olson told Wired. Stratos’ USP is its ability to hold the data of all your credit, debit and even loyalty cards so you can leave them at home. It works on iOS 8.1.1 or later and Android 4.4 and later (but not Android 6.0) for now, and all you have to do is plug the Stratos card reader (included in the kit) into your phone and swipe all your cards through it to upload them into the app. However, only three cards can be active to use at any time. After that, simply tap the card, the LED light beside the one to be used comes on, and voila! Transaction confirmed. Stratos comes with Dual Stripe technology that makes it possible to use almost anywhere. Another bonus: Based on your usage and card types, the app offers ways to rack up points or save money. If you lose the card, you can use the app to shut it down. Card numbers are never displayed anywhere.
Coin
With the EMV/NFC-ready 2.0 version released earlier this year, San Francisco start-up Coin upped its game in the field of contactless payment solutions. Coin is a single card that stores the data of all your payment, membership and loyalty cards. Essentially anything with a magnetic strip can be used. Upload the cards via a reader that plugs into your phone’s headphone jack and — here’s the awesome bit — choose a colour and nickname for each (for instance, red for a Citibank credit card, nickname CCCD). When you need to pay, an e-ink display shows the nickname of the card you want to use (you can navigate between eight cards at a time via a button), its last four digits and expiry date for authentication. While it can be swiped with a magnetic strip just under the plastic surface, tap and pay is where Coin scores points. Security is tight too. Coin 2.0 unlocks automatically when in range of your phone. If you don’t have your device, you can unlock the card using a tap code. An app also shows your Coin’s last known location.
