Japan-based GMO Aozora Net Bank and US firm Dynamics are planning to launch battery-powered, interactive debit and cash cards to the Japanese market next year.
Dynamics is engaged in design and manufacturing of intelligent, battery-powered payment cards.
The company plans to equip the new card of GMO Aozora Net Bank with high levels of security. The card will be integrated with a touch-sensitive keypad and will also have a digital display.
When the consumer enters the correct pass code into the keypad, the card is turned ON following which it can be used in any swipe, tap, or insertion reader through a magnetic stripe, contact or contactless EMV chip.
The digital display of the card is also activated once the correct pass code is entered, thereby displaying the payment card number.
The new electronic card offers both debit and cash functionality which can be opted by the cardholder through a selection on the keypad.
According to Dynamics and GMO Aozora Net Bank, the card is compatible with the existing payment infrastructure and merchant systems. Further, the card can be used by consumers wherever Visa is accepted.
GMO Aozora Net Bank is a joint venture of GMO Internet Group and Aozora Bank. It calls itself as a technology bank that is transforming the way people do their banking and how they handle their money.
Dynamics, on the other hand, operates in three business segments – cards, processing, and mobile payment. Its card division has partnerships with financial institutions across Europe, US, and Asia.
Earlier this year, Dynamics introduced enhanced functionality for its connected Wallet Card that facilitates two-way communications between banks and consumers through its telecommunications connection.
In the past, a Wallet Card consumer could only get information from a bank. Now, it is a two-way process with Wallet Cards also capable of receiving information from a consumer.
Said to be the first IoT Card from Dynamics, the Wallet Card is a complete telecommunications platform that comes in the same size and shape as a normal credit or debit card while being integrated with various technologies.