Sprint Unveils Wallet Card, a Futuristic Smart Credit Card
This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.
On Monday, Sprint and Dynamics Inc. announced the world’s first battery-powered “connected” payment card at CES in Las Vegas. The card is a “smart card” similar to Edge Card and SWYP, meaning you can load your bank’s debit, credit, prepaid, multicurrency, one-time use and loyalty cards onto a single card.
The product, dubbed Wallet Card, features a small display that shows card numbers, announcements and other information. It has a built-in self-charging battery, programmable magnetic strip, EMV chip and contactless chip.
The first major benefit of this new technology is that you’ll be carrying a lot less of plastic (or metal) in your wallet. With the push of a button you can switch between different cards, with the information being displayed on the card’s screen in real time.
Wallet Card has the potential to combat fraud in much quicker and more efficient ways than before. Via a cell phone chip inside Wallet Card, banks can instantly send a message to the card (anywhere where there’s a cell connection) asking the user if a recent transaction was made by them or not. The user can select “not me” which will alert the bank that their is indeed something wrong.
Banks will have the power to instantly delete an old credit card number and issue a new one on the spot to Wallet Card, eliminating the need to wait a week for a replacement.
If you physically lose your card, banks will have the ability to issue a new card from retail locations or other centers instantly — instead of having to print one up and mail it from a far-off factory. Once you get your card, you’ll be able to securely download all your information onto the new card. Users can also opt in for coupons or other alerts that can be sent to their Wallet Card.
Unlike other “smart cards” that allow you to load up different banks credit and debit cards onto one device, this card would actually be issued by a bank itself. So we may see a Wallet Card with Chase or Citi branding — although unfortunately you won’t be able to load multiple different issuers cards’ onto one Wallet Card, a Dynamics spokesperson told TPG. Past smart cards have a history of finicky technology and going bust, like Coin and Stratos.
So far Wallet Card has partnered with non-US banks, including Canada’s CIBC, Emirates NBD, India’s IndusInd and Japan’s Sumitomo. It also has the support of the Visa and Mastercard payment networks, according to VentureBeat. The company didn’t say when the cards will be commercially available but a Dynamics spokesperson told The Verge that they will “be issued to bank customers hopefully later this year.”
Dynamics has issued less sophisticated smart cards that have been used by Tim Horton’s, the Upper Deck Company and CIBC. The Wallet Card received the Best of Innovation for Security Technologies at CES 2018.
Featured image courtesy of Dynamics, Inc.
Welcome to The Points Guy!
Earn 90,000 bonus miles after you spend $3,000 in purchases within the first three months of card membership. Plus, earn a $200 statement credit after your first Delta purchase within the first three months. Offer ends 7/28/21.
With Status Boost™, earn 10,000 Medallion Qualification Miles (MQMs) after you spend $25,000 in purchases on your Card in a calendar year, up to two times per year getting you closer to Medallion Status. Earn 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants and at U.S. supermarkets and earn 1X Mile on all other eligible purchases. Terms Apply.
- Limited Time Offer: Earn 90,000 Bonus Miles after spending $3,000 in purchases on your new Card in your first 3 months and a $200 statement credit after you make a Delta purchase with your new Card within your first 3 months. Offer expires 7/28/2021.
- Limited Time Offer: Plus, get a 0% intro APR on purchases for 12 months from the date of account opening, then a variable 15.74%-24.74%. Offer expires 7/28/2021.
- Accelerate your path to Medallion Status, with Status Boost®. Plus, in 2021 you can earn even more bonus Medallion® Qualification Miles (MQMs) to help you reach Medallion Status.
- Earn 3X Miles on Delta purchases and purchases made directly with hotels.
- Earn 2X Miles at restaurants worldwide, including takeout and delivery and at U.S. supermarkets.
- Receive a Domestic Main Cabin round-trip companion certificate each year upon renewal of your Card. *Payment of the government imposed taxes and fees of no more than $75 for roundtrip domestic flights (for itineraries with up to four flight segments) is required. Baggage charges and other restrictions apply. See terms and conditions for details.
- Enjoy your first checked bag free on Delta flights.
- Fee Credit for Global Entry or TSA Pre✓®.
- Enjoy an exclusive rate of $39 per person per visit to enter the Delta Sky Club® for you and up to two guests when traveling on a Delta flight.
- No Foreign Transaction Fees.
- $250 Annual Fee.
- Terms Apply.
- See Rates & Fees