MasterCard is collaborating with Dynamics Inc to bring a commercial initiative to drive innovation in the interactive payment card market. The collaboration would enable MasterCard to offer Dynamics products to its issuers globally. The interactive payment cards, developed by Dynamics Inc, would bring consumers added choice, flexibility and security at the point of sale. Moreover, these payment cards would enable issuers to differentiate their card products and offer more payment functionality to the cardholders.
The interactive payment cards are built with features such as buttons, displays and LEDs. The cards come with multiple applications stored on the card itself, meanwhile assuring its compatibility across existing POS terminals. Dynamics also provides dedicated mobile apps to help manage the interactive payment cards. These cards offer consumers multiple selectable currencies and access to both credit and debit accounts. These cards can also act as co-branded cards offering credit or debit along with a separate loyalty application.
Here is an illustration highlighting a possible design of the new cards:
For security aspects, these interactive payment cards include a display and keypad to meet the purpose. When a consumer enters the correct unlocking code into the buttons of the card, the payment card number is provided on a display (for online use) and is written to the stripe (for in-store use).
Jeff Mullen, CEO of Dynamics, said in an official press release: “Interactive payment cards give cardholders an unprecedented level of customization, control, and security at each and every purchase at any point-of-sale device in the world. With interactive payment cards, banks can expand card offerings by providing cardholders with several additional on-card payment options that cardholders can select at each purchase. By giving consumers easy access to additional options, banks can enable several business models on a single card while building brand and an enhanced cardholder relationship with each purchase.”
Carlos Menendez, Group Executive of Global Credit and Debit Products at MasterCard, said in an official press release: “At MasterCard, we are focused on driving innovation across the entire payments industry, and continue to invest in the technologies, solutions and companies that will help our customers and partners expand their business and serve their cardholders in new ways. In working with Dynamics, we have secured a partner with deep technology capabilities and market-leading manufacturing capabilities to help drive innovation in the interactive payment card market while moving in lockstep with MasterCard’s mobile and digital enablement strategy.”
MasterCard also participated in Dynamics’ recent $70M Series C funding round.