Swyp has become the latest startup to promise to replace the credit, debit, gift and loyalty cards in customers' wallets with a single card and app combo.
Expected to ship in the autumn for an initial price of $49, Swyp consists of a smartphone app and a thin metal card with a small display screen, three buttons and a rechargeable battery that lasts for up to two years.
Once users set up an account and link the card to their phones via bluetooth, they can add up to 25 payment and loyalty cards by swiping them through a provided dongle. Customers then toggle through their cards by pressing the buttons, seeing which one they have selected on the screen before making a purchase or using an ATM.
For security, the card locks when it is a certain distance from the owner's phone, although it can still be used by entering a PIN.
Although other firms, such as Coin and Plastc, are promising to launch similar products, Swyp claims to have a secret weapon: "sophisticated algorithms and unique dynamic magnetic stripe technology" that learns from behaviour, patterns and surroundings to anticipate purchase decisions.
Rather than shuffle through multiple payment, gift or loyalty cards, Swyp predicts personal schedules and automatically prioritises specific cards during certain times of the day or week.
Ashutosh Dhodapkar, founder and CEO of Swyp maker Qvivr says: "Swyp is the first wallet that learns and predicts what consumers want, without having to change consumer behaviour or ask businesses to rip out their current systems. We designed Swyp to make managing money smart, secure and simple as well as help people avoid leaving money on the table."