A Payment Card that Changes Magnetic Stripe via Smartphone

Omne, founded in June 2012, enables users to pay with any verified card by swiping their Universal Omne card. Omne’s unique technology uses the magnetic stripe on the back of the Omne card as a medium for payment by changing into any verified card loaded by the user onto the Omne Mobile Wallet App, thereby allowing consumers access to their wallet from their smartphone.Furthermore, by use of a PIN, the anytime feature allows consumers to use the card even if their phone runs out of battery.

How Omne Works:

  • A user would load all of their cards into the Omne Smartphone App using the card reader provided by Omne.
  • When a user wants to make a payment, they simply select it on the smartphone app.
  • The Omne Card’s magnetic strip instantly changes into the selected card, making Omne a complete wallet replacement.

Devices Required:

The Omne Card: With a patentpending magnetic stripemulator, Omne card allows consumers to consolidate all of their payment cards and other cards (rewards, memberships, keys etc.) into one card on their phone, usable on any credit card payment terminal.

The Omne Mobile app: The mobile wallet application, when paired with the card, enables users to integrate mobile payments into their everyday lives. The Omne Mobile app (smart phone application) will include competitive features of a mobile wallet such as bill pay, budget management, fund transfer, and more.

Extra functionalities:

  • Customize the rewards.
  • Money transfer across phones.
  • Based on user’s location, the Omne App suggests discounts and offers in nearby stores according to user preferences.
  • Track user’s payment history across cards.

The Omne card can store preset cards in it to help the user utilize them without the phone too.

But the question of security arises if preset cards are stored on the Omne card. Omne has taken care of this my providing small buttons at the lower end of the card through which user can input a lock code and only then use the preset card. They can also set a default card that can be accessed from the Omne mobile application. As an added security feature, Omne temporarily holds card usage information so the user can see exactly when and where purchases are made. This information is transferred to user’s phone and the network, giving him the ability to detect fraud, and pinpoint fraudulent charges more effectively.

LTP View: Omne is working towards a realistic goal of creating a payment system that adopts today’s technology and is flexible enough to convert into an NFC kind of payment system when infrastructure is in place. This would enable Omne to make lesser investments and yet stay in focus in the fast evolving payment systems ecosystem.

The idea of adopting a customizable magnetic strip is very innovative and if they are successful in acquiring a patent for it, they can also use or lease this technology for other purposes, which would act as a further revenue generator.

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