Emirates NBD will launch the first battery-powered, interactive payment card in the United Arab Emirates later this year. Dubbed Wallet Card, the product has already scooped its first award: best of innovation award at the Consumer Electronics Show in January, reports Douglas Blakey
Wallet Card represents the best in cards technology in the world, according to Emirates NBD’s Suvo Sarkar and it is coming soon to the UAE.
Wallet Card features include:
- Fastest data breach response:if a data compromise occurs at a merchant, the bank can instantly delete the compromised card account number and replace it immediately with a new card and new account number. This provides reduced fraud risk and peace of mind for the consumer with a new card;
- Multiple cards in one: consumers can access their debit, credit, pre-paid, multicurrency, one-time use, or loyalty cards on a single card with the tap of a button;
- Anywhere distribution: Wallet Car is the first instant, digital card platform. Banks can distribute Wallet Card anywhere and at any time – such as in their retail branches, during events or even in-flight and consumers can activate it immediately. Card information can then be download through a secure, over-the-air cellular connection;
- Rapid Card Replacement: a new card can be couriered directly to consumers within hours. The consumer can then instantly restore their wallet by downloading their cards;
- Tighter connections between consumers, issuers and retailers: messages can be sent to the Wallet Card at any time. For example, after every purchase, a message may be sent to notify the consumer of the purchase and their remaining balance if they used a debit or loyalty card. Consumers can also receive coupons directly on their cards or be notified of a suspicious purchase and click on “Not me” to have a fraud alert set and new card number issued. In another example, a coupon may be sent to the consumer.
The Technology Behind Wallet Card
Emirates NBD has partnered with Pittsburgh-headquartered Dynamics Inc, the tech provider behind the card.
Dynamics has three business units: an intelligent card, value-added processing, and phone payment technology business unit. The Company’s intelligent card division has introduced market defining card products such as the world’s first multiple account card (Canada), the world’s first password protected card (Asia), and the world’s first multiple co-brand card (US).
The Wallet Card is the same size and shape as a normal credit or debit card. With almost 200 internal components, the device incorporates a number of cutting edge technologies including:
- A cell phone chip and cell phone antenna so data can be transferred between Wallet Card and the bank anywhere in the world and at any time of the day;
- A battery and organic recharging chip so that the card charges itself through normal operation. Wallet Card can last indefinitely without the need for the consumer to perform any physical action.
- A card-programmable magnetic stripe, card-programmable EMV chip, and a card-programmable contactless chip. At any time a new card profile can be downloaded to the card so that when that card is selected, the card’s magnetic stripe, EMV, and contactless data is written to the associated components.
- A 65,000-pixel display and user interface so that a cardholder can change between different cards and informational screens.
“Emirates NBD is a visionary bank that has enabled a visionary product with the award-winning Wallet Card™,” says Jeffrey Mullen, CEO of Dynamics Inc. “With Wallet Card, Emirates NBD will revolutionise the UAE payment experience to provide the fastest and most secure card services and features in the UAE.”
As part of our commitment to offer an enhanced banking experience through innovation, we are bringing the best card technology in the world to the UAE so our customers can have the best card experience,” says Suvo Sarkar, Senior Executive Vice President & Group Head – Retail Banking & Wealth Management at Emirates NBD.
“Our customers will soon be able to download new cards, and receive remote card notifications, directly onto their Emirates NBD Wallet Card. This will provide unprecedented levels of choice, flexibility, and security never before offered in the UAE.”
Waller Card’s success at the Consumer Electronics Show represents the first time in the history of CES that a bank has been awarded the consumer electronics industry’s most prestigious award.