In the recent months Coin Card, Omne Card, Protean Echo and Wallaby Card have gained a lot of attention. Another similar offering is the GoNow eWallet ‘Super Smart’ Card, an innovative product that helps customers to get rid of their overloaded wallets by means of a reprogrammable card.
GoNow Card is the latest product from the house of Digital Life Technologies founded in 2009 by Doug Spodak, a 15-year veteran of the wireless and payment industries. The company has offices in Bala Cynwyd, PA and Bellevue, W.
This card is an electronic device which looks like any other standard card. However as the company says, it has the provision of being programmed as a debit, credit or a stored value card “on the fly” and is re-usable. Once it receives commands from eWallet, it is ready for use and can be tapped or swiped at existing POS terminals and ATMs without any change to the existing structure.
Given the security concerns in such services from customers, there is a secure element in the card which can be clubbed to or can be used in lieu of the existing secure element on the smartphone with which GoNow Card closely communicates.
The infrastructure requirement the consumers’ need to have to use this product is a card reader. Using this, the card needs to be hooked onto the customers’ online banking account to get a payment system as desired by him. Thereafter, the user is able to add cards from his physical wallet to a eWallet through a magnetic stripe card reader which connects through the phone audio jack. Thus there is elimination of the need to update the payment infrastructure.
Some features of GoNow Card:
- This product is being positioned as a solution which gives banks and technology companies the authority of their own data.
- It also removes non value adding steps in sense of the need for a TSM (Trust Service Manager) in order to launch an eWallet.
- The product is being said to be a disruptive technology in this industry since it is designed to overcome both branding and revenue generation.
- It is white labeled allowing the company to launch an eWallet keeping its own brand front and center.
- Moreover, there is no lag in time to generation of revenue since deployment is simple and it has universal acceptance.
Some of the other similar offerings in the market include Coin Card, Omne Card, Protean Echo and Wallaby Card. Coin Card enables users to store all their cards on a single card and manage it with the smartphone through BLE. It is a thin credit card sized device which enables users to store other credit cards, debit cards, gift cards, loyalty cards, coupons, rewards etc. in its dynamic magnetic strip.
As per latest updates from the company, this solution is being tested by a major bank and a direct-to consumer eWallet issuer. The project is supported by the Commonwealth of Pennsylvania’s Ben Franklin Technology Partners.