The simpler look would soon be fading as a revolutionary design using smart-end technology is arriving, bringing a complete makeover to the credit card regime. Citibank would soon be rolling out, testing the newly designed credit card which would feature buttons.
The card would present two buttons and lights which would allow user to choose when processing payment whether they want to pay through the reward points or charge it on credit. While Citi would start testing their new product by next month, other card issuers are also of the view to test double card which offers payment via debit or credit, with fraud protections.
The plastic money has been powered by the black magnetic strip since 1950 but we saw a switch a few years back as credit card fraud emerged. Card issuers started distributing the advanced cards which featured a chip instead of the magnetic strip, which required users to insert the PIN code in order to process payment.
Companies such as Visa and Mastercard are already developing smart payments which require no plastic card. Transactions can be made through the users cellphones. But this technology might take a lot of time to be implemented and made as a standard.
Meanwhile, Citi unveiled the new advanced card known as 2G which deliver an outlook as conventional plastic, fitted with a battery with a four-year life, an embedded chip and now featuring buttons. The 2G technology took almost a year and thousands of dollar in research to develop it.
It’s a big deal. If once a month a consumer can fill up their gas tank for free, and they don’t have to do anything except push a button before they swipe their card, that’s cool. And that is something that I think will resonate with consumers.
Users would want to pay through points can simply press the rewards button before swiping the card and record their payment via the points they have earned while the other button marked ‘C’ allows straight credit transaction.
Terry O’Neil, Executive Vice President CitiCards told:
We’ve developed a proprietary technology that will allow Citi to do the conversion when the transaction comes through. All they need to do is push that request-rewards button and we take care of everything else for them. They leave the store with the merchandise they selected.