Enter Edge Card

Why Aren’t Mobile Wallet Payments the Industry Standard? 

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Everybody agrees that current mobile wallet options have fallen short of giving consumers a reason to bridge the gap between their poker hand full of plastic and another new device or full adoption of mobile wallet apps (Apple Pay, Android Pay and Samsung Pay).

So what will it take?
Each of the currently exciting technologies has benefits and drawbacks:

1) Swiping a physical card is the most common payment card method in use today. It also happens to be the most painless for consumers to use as swiping takes just a few seconds. Yet because magstripe cards utilize static account data, consumers’ financial information is highly vulnerable to hackers as the data alone can be used to make purchases.

2) EMV chip cards are now being implemented as a more secure form of payment as the data is dynamic. However, while over 50% of US merchants have installed EMV POS terminals, most have not been able to enable them due to lags in system certification. While EMV chip cards offer a significant improvement over magstripe credit cards, they are still a work in progress.

3) Smartphone-based NFC payments appear to be the high-tech alternative, but the wireless signal is far too easy to hack and existing users only rarely use it even after the trouble of signing up. And while the idea of integrating your wallet inside your phone has some appeal, it also means your phone is tied to your wallet.  Your phone contains sensitive data - emails, text messages, contacts, etc.  Most consumers do not want to hand over their phone to a merchant, even for a moment, or add an additional target for hackers.   

The Answer: EDGEcard
Our new EDGEcard will allow users to store information for multiple payment card accounts onto one credit card-sized device and allow users to pay through all the three main payment options: magstripe, EMV and NFC. It will have a significantly higher level of security: biometric fingerprint authentication and the ability to lock the screen. This means that if a card is lost, it cannot be used by anyone else.  It also will have a full screen AMOLED display, making it dynamic, intuitive and easy to use.

And then there was Financial Management...
In addition to the above features and the convenience carrying a single card, EDGEcard will help you manage your accounts: check balances or rewards to make choices about which account to use and be able to keep control over how much can be spent on your cards.  The EDGEcard will use an algorithm that suggests which card to use so that your FICO score is optimized.

The bottom line is the EDGE card will provide an elegant user experience, a choice of all payment methods, improved security and a set of Financial Management tools that will make it well worth your time to evolve your wallet.