Citibank recently announced that its new card technology, Card 2.0 (2G), will be tested among consumers. Launched by Dynamics, the card features an LED display, built-in buttons, and encryption technology that fits into the credit card-sized plastic sheets that are currently on the market. Citibank hopes that 2G technology -- characterized by greater security and the ability to link multiple accounts to the same card -- will have a revolutionary impact on the credit card industry.
"We are working hard to be an unprecedented innovation force in this industry," said Jeff Mullen, CEO of Dynamics, in an interview with The New York Times. Citibank plans to begin testing new cards next month with the goal of widely distributing the card in mid-2011.
Citibank hopes that the appeal of this innovative product will appeal to consumers who may use other bank cards, giving Citi a competitive edge in a highly competitive market.
Citibank hopes that 2G technology will give cardholders the ability to pay with bonus points at the cashier's office. “We have developed an exclusive technology that allows Citi to convert the reward points for this transaction into US dollars as the transaction progresses,†said Terry O'Neil, executive vice president of Citibank Credit Cards. The practice of using points to pay for commodity prices has been used for several years in online payments, but has not yet reached the field of bank cards. Citi's use of reward points to enrich the consumer's pocket will appeal to those who spend more.
In addition, Citi has another lasting interest: credit card fraud protection technology. The US Federal Fair Credit Card Billing Act stipulates that in the case of unauthorized credit card consumption, the consumer's required cost does not exceed $50, and the remaining losses will be borne by the credit card issuer. If the consumer reports the debit card within two days after it is lost or stolen, the loss will not exceed $50. Fraud protection technology uses Card 2.0 technology - eventually combining credit and debit card accounts into one, enabling card issuers to remotely lock cards, rewrite card magnetic strips and turn them into a piece of useless plastic. 2G technology is expected to greatly reduce the losses caused by theft of cards and reduce the fraud losses that Citi has to bear.
As more and more payment methods emerge, many experts say that mobile devices will become the mainstream of future payment methods - Citibank is using Card 2.0 technology to keep up with the cutting edge of technology. Let's wait and see if these flashing cards are just a flash in the pan.
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