Dynamics, IndusInd Bank launch a three-in-one card
Dynamics has launched an interactive credit card with India's IndusInd Bank that allows consumers to choose between three different funding sources when making purchases: credit, points and installment payments.
The new Nexxt Credit Card from Cheswick, Pa.-based Dynamics has built-in electronic circuitry, a battery and three separate buttons that control the funding source. Using the installment feature a consumer can choose the length of the installment with four options available – six months, 12 months, 18 months and 24 months.
Pressing a button on the Nexxt Card will re-write its magnetic stripe, EMV chip and contactless chip to reflect the funding choice. The merchant sees only that a credit transaction has been chosen, regardless of how the payment is funded.
“India is one of the fastest and largest evolving payment markets in the world. And, the leadership at IndusInd Bank is leveraging innovation to better serve customers while deepening their business models and strategy,“ stated Jeff Mullen, Dynamics' CEO, in the press release.
Last August, Dynamics picked up support for its interactive card products with the announcement of a 2019 launch of an interactive debit card with Japan’s GMO Aozora Net Bank plans. The Japanese debit card will be on the Visa network and will feature a touch sensitive keypad and digital display as well as magnetic strip, contact and contactless EMV functionality.
Dynamics has had several years to refine the interactive card that uses a rewards currency for one of multiple payments, most notably is the Tim Hortons Double Double Visa card. The card was launched with Canadian Imperial Bank of Commerce in 2014 and features an interactive credit card that can change its funding source to using rewards at the push of a button for purchases at a Tim Hortons coffee location. Dynamics also tested a two-in-one card with Citigroup, called the 2G card, for paying with credit or points, back in 2010. Citi's card never came to market, but it helped establish Dynamics' reputation during the vendor's early days.