Emirates NBD and Dynamics launch first wallet card in UAE
(1/10/2018 6:09:00 AM)
Dynamics Inc. and Emirates NBD on Monday announced plans to introduce the first battery-powered, interactive payment cards in the UAE in 2018 at the 2018 Consumer Electronics Show (CES) in Las Vegas.
Wallet Card is the world’s first connected, secure payment card, the companies said in a statement. The Consumer Electronics Association (CEA) presented Emirates NBD with four CES Innovation awards including the Best of Innovation Award for Security Technologies, a first for a bank to be awarded the consumer electronics industry’s most prestigious award.
Emirates NBD Group has also announced plans to introduce Wallet Card in Saudi Arabia and Egypt markets, with its subsidiary, Emirates Islamic.
The card comes with features such as fastest data breach response and replacement — 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.
It also has the functionality of incorporating multiple cards in one. Wallet Card 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 downloaded through a secure, over-the-air cellular connection.
“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,” said Jeffrey Mullen, CEO of Dynamics Inc.
Each year, hundreds of millions of consumers lose their card or have it stolen. With regional Wallet Card fulfilment, a new card can be couriered directly to the consumer within hours. The consumer can then instantly restore their wallet by downloading their cards.
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.
Wallet Card is a full telecommunications platform in 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. The card feature a cellphone chip and cellphone antenna so data can be transferred between Wallet Card and the bank anywhere in the world and at any time of the day.
“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,” said Suvo Sarkar, Senior Executive Vice President & Group Head — Retail Banking & Wealth Management at Emirates NBD.
The card is powered by 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. It has programmable magnetic stripe, EMV chip, and a 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 allows cardholders to change between different cards and informational screens.