Fintech IoT startup X Lab has introduced a new smart wallet, called Spendwallet, which will electronically consolidate credit, debit and gift cards onto one physical, electronic device.
The new offering will enable users to instantly make payment anywhere with just a tap on existing retail store’s point-of-sale (POS) equipment.
Spendwallet uses an antenna and pulse emitting technology called magnetic flux emulation (MFE) technology that allow users to store all types of cards on one device.
MFE generates a magnetic field that makes the card reader respond as if a card has been swiped.
Spendwallet, which can store the account information of up to 20 cards, features bank level encryption, passcodes and automatic lock and data self-destruction mode when lost.
To use the Spendwallet, users will have to connect the included card reader to the headphone jack on their smartphone and swipe the payment cards through the reader to transfer the card data to the Spendwallet app.
X Lab CEO Kevin Kang said: "We are disrupting the offline payment system and marketplace with Spendwallet’s proprietary MFE technology that allows users to store their card data on one safe, portable and secure device.
"We believe payments should be convenient and highly secure to empower users with the flexibility to pay anywhere with a simple tap. Now if someone loses their wallet, they can be assured that nobody will have access to their cards to make unauthorized purchases."