Dynamics Inc., a provider of payment cards that can dynamically rewrite their magnetic stripes or smart chips, unveiled another variant of its design this week.
Dynamics' latest card combines the rewritable stripe and chip with rewritable contactless payments. It calls the combined technology its Triple Interface card. This card allows users to access different payment accounts from the same card by rewriting the stripe and chip with new card data. The technology can also be used for security purposes, such as by removing account data from the card or chip when it is not in use.
"Competing payments standards continue to frustrate merchants and consumers, while offering little value to the networks and card issuers," Jeff Mullen, Dynamics' CEO, said in a press release Sept. 12. "With today's release, Dynamics has achieved its goal of becoming technology agnostic. A Triple Interface device can be used in any terminal in any country to make any purchase. A consumer can now enjoy unprecedented payment options – at the push of a button – using any core payments medium."
Dynamics introduced the rewritable chip, which adheres to the EMV standard that the card networks are urging most U.S. merchants to accept by late 2015, last year as its Chip and Choice product.