Emirates NBD, a leading bank in the Middle East and US-based Dynamics have announced at the ongoing Consumer Electronics Show (CES) plans to introduce the first battery-powered, interactive payment cards to the UAE in 2018.

Wallet Card is the world’s first connected, secure payment card.  In recognition of the bank’s digital leadership, The Consumer Electronics Association (CEA) presented Emirates NBD with four CES Innovation awards including the Best of Innovation Award for Security Technologies.  It was an honouree for Computers, Embedded Technologies, and Technologies for a Better World.

This marks the first time in history a bank has been awarded the consumer electronics industry’s most prestigious award.  

Key Wallet Card benefits

•    Fastest data breach response and replacement - If a data compromise occurs at a merchant, the bank can instantly delete the compromised card account number and replace it immediately with a new card and new account number. This provides reduced fraud risk and peace of mind for the consumer with a new card.

•    Multiple cards in one – With the Wallet Card, consumers can access their debit, credit, pre-paid, multicurrency, one-time use, or loyalty cards on a single card with the tap of a button.

•    Anywhere distribution – Wallet Card is the first instant, digital card platform.  Banks can distribute Wallet Card anywhere and at any time – such as in their retail branches, during events or even in-flight and consumers can activate it immediately.  Card information can then be downloaded through a secure, over-the-air cellular connection.

•    Rapid Card Replacement - Each year, hundreds of millions of consumers lose their card or have it stolen. With regional Wallet Card fulfilment, a new card can be couriered directly to the consumer within hours.  The consumer can then instantly restore their wallet by downloading their cards.

•    Tighter connections between consumers, issuers and retailers. Messages can be sent to the Wallet Card at any time.  For example, after every purchase, a message may be sent to notify the consumer of the purchase and their remaining balance if they used a debit or loyalty card.  Consumers can also receive coupons directly on their cards or be notified of a suspicious purchase and click on “Not me” to have a fraud alert set and new card number issued.  In another example, a coupon may be sent to the consumer.

The technology behind Wallet Card

Dynamics’ Wallet Card is a full telecommunications platform in the same size and shape as a normal credit or debit card. With almost 200 internal components, the device incorporates a number of cutting edge technologies including:

•    A cell phone chip and cell phone antenna so data can be transferred between Wallet Card and the bank anywhere in the world and at any time of the day;

•    A battery and organic recharging chip so that the card charges itself through normal operation.  Wallet Card can last indefinitely without the need for the consumer to perform any physical action.

•    A card-programmable magnetic stripe, card-programmable EMV chip, and a card-programmable contactless chip. At any time a new card profile can be downloaded to the card so that when that card is selected, the card’s magnetic stripe, EMV, and contactless data is written to the associated components.

•    A 65,000 pixel display and user interface so that a cardholder can change between different cards and informational screens.   

“Emirates NBD is a visionary bank that has enabled a visionary product with the award-winning Wallet Card,” said Jeffrey Mullen, CEO of Dynamics Inc. “With Wallet Card, Emirates NBD will  revolutionize the UAE payment experience to provide the fastest and most secure card services and features in the UAE.”  

“As part of our commitment to offer an enhanced banking experience through innovation, we are bringing the best card technology in the world to the UAE so our customers can have the best card experience,” said Suvo Sarkar, senior executive vice president & group head - Retail Banking & Wealth Management at Emirates NBD.

“Our customers will soon be able to download new cards, and receive remote card notifications, directly onto their Emirates NBD Wallet Card.  This will provide unprecedented levels of choice, flexibility, and security never before offered in the UAE.”

Emirates NBD Group has also announced plans to introduce Wallet Card in its Kingdom of Saudi Arabia and Egypt markets, with its subsidiary, Emirates Islamic. – TradeArabia News Service