Everything You Need to Know about Visa’s New Wallet Card
Visa and Dynamics introduced their new Dynamics Wallet Card at the 2018 Consumer Electronics Show. At first glance, the Wallet Card looks like a normal credit card, but it actually works more like a mobile wallet, such as Apple Pay.
Features of the Wallet Card include:
- The ability to store multiple cards on one, including credit, debit, prepaid, and loyalty cards. An on-card display allows users to make their selection.
- Alerts and messages will be displayed instantly on the card. For example, if you use your debit or prepaid card to complete a transaction, your remaining balance will be displayed.
- A self-charging battery, cell phone chip and antenna, which allows data to be transferred between the Wallet Card and financial institutions from anywhere in the world at any time.
Visa and Dynamics say this new Wallet Card will be more secure than a traditional credit card since banks can delete the compromised account number remotely and issue the cardholder a new number immediately.
The Wallet Card will be available to financial institutions in early 2018, and interested consumers can register so they will be notified when the card is available at their bank or credit card company.
While American consumers have been slow to adopt mobile wallets available on their smartphones, they may be more attracted to the more familiar-looking Wallet Card.
Since Dynamics created the card in conjunction with Visa, it is likely the Wallet Card will be accepted anywhere that accepts Visa.