If you have a smartphone, you probably use or have installed Apple Pay or Google Wallet. These apps make it easy to store your credit cards and simply tap your phone at participating locations for immediate payment. You can select which card you want to use instead of having to carry around a bunch of plastic. Use can also use these apps to request or send money. With Google Pay you can also choose to have them send you an actual card (Mastercard) which uses your balance to pay for items and also allows you to withdraw cash.
Many consumers are using these nifty apps to pay for goods at the tap of a phone. No need to even open the app, simply wake your device and tap with Google or simply hold your phone over the participating store’s contactless reader with Apple and payment is made. Confirmation is alerted by by a subtle beep or vibration.
With Apple Pay, each user is given a unique Device Account Number that’s encrypted and stored in the Secure Element, a dedicated chip within the device. The number is never stored on Apple servers. With Google Wallet, you have 24/7 fraud monitoring.
As if this wasn’t new enough technology, we now introduce the all-in-one payment cards. These are digital credit cards, also known as “smart wallets” stores your credits cards, checking account(s) and even gift card information. The card itself has a mini, digital screen that you can touch to select which card you want to use to pay. The smart card is then used as a regular plastic credit card and can be swiped at terminals. They all seem to include a built-in feature that will alert you via bluetooth if you’ve left your card behind. One even boasts voice recognition technology. Cards range from $100-$155. Some of the cards run on a battery, while others allow you to recharge them.
Some of the companies launching these new smart cards are Coin, Wocket, Plastc, and Swyp. While the news is out on these cards, it appears for now, they are still in Beta phase. Pre-orders are being taken.