For the past couple years, companies have been trying to modernize the electronic payment system. Dynamics Inc. hopes to inject a bit of technology into our existing credit cards to provide an added layer of security, while maintaining the familiarity of existing credit cards.
In light of recent security breaches at major retail chains, companies are scrambling to create a more secure solution. Although Chip and PIN cards have been adopted in most countries, the United States has been late and has just started the process in 2015. For those that are savvy with their smartphones, there is also the option of taking advantage of the many mobile payment systems that are currently available.
But, for those that still want to interact and purchase their goods with a piece of plastic, Dynamics Inc. might have the solution starting in 2015. Dynamics Inc. hopes to bring "interactive functionality" to its credit cards. The company had more than a few types of cards on display at CES, but perhaps the most interesting were the ones that utilized e-ink displays.
The main issue with traditional credit cards is that they have the credit card numbers and card security codes printed on the card. If stolen, these cards can be used freely without much resistance until they are canceled. But, Dynamics Inc. aims to change this by offering cards with e-ink displays. By offering e-ink displays on the front of the cards, they are able to digitally and temporarily obscure sections of the credit card number. This area will remain vacant until the PIN is physically entered by the authorized user.
Dynamics Inc. is also utilizing the e-ink display in place of the standard security code on the back of the card. This display will be a bit more interesting as it will implement a dynamically changing security code. This would make the card secure for each individual transaction. There was no word on how these cards would be able to update the security codes on the fly. But, if this becomes a reality, it would greatly increase the security of credit cards and prevent fraudulent transactions.
Dynamics Inc. intends to release these new cards by the end of the year. Currently, they have partnered with a couple banks outside of the United States and have created a new partnership with MasterCard for distribution.