Dynamics Inc., an innovator in next-generation payment cards, will unveil its Chip And Choice Technology tomorrow at Finovate Fall 2011 in New York City in order to fix EMV's crippling software fragmentation problem.
"With Chip And Choice, Dynamics' fixes one of EMV's most significant flaws and, in the process, dramatically accelerates the ability for European banks to deploy new payment applications."
Dynamics' Chip & Choice technology includes two chips - a secure, embedded chip and an exposed chip. A user can select different payment options by pressing different buttons on the card. Dynamics' secure, embedded chip then writes a different, temporary chip profile into the exposed chip based on the user's selection. In doing so, a user can select and use different payment applications even with readers that do not support such applications. This level of flexibility, unique to Dynamics payments cards, negates the needs for costly infrastructure updates in order to deliver powerful new functionality to merchants, networks, card issuers and consumers.
"After 15 years of EMV deployment in Europe, 63% of European cards and 83% of European point-of-sale terminals are EMV chip enabled. To realize new payment applications in Europe, the software in each reader must be updated. Europe, however, cannot wait the 8-10 years needed to fully upgrade terminals each time a new payments application is desired by a consumer," stated Jeff Mullen, Dynamics' CEO. "With Chip And Choice™, Dynamics' fixes one of EMV's most significant flaws and, in the process, dramatically accelerates the ability for European banks to deploy new payment applications."
The Chip and Choice technology will be unveiled at approximately 3:30pm on September 20th during FinovateFall 2011 at Piers 92/94, 711 12th Avenue in New York City.
Dynamics' award-winning Electronic Stripe, the world's first fully card-programmable magnetic stripe, is also included on the card. As nearly 100% of European point-of-sale terminals have magnetic stripes, but only 83% of European POS terminals are chip enabled, the Electronic Stripe can be utilized to convey the user's selection for any purchase at any terminal. Accordingly, when a user presses a button on the card, information associated with the user's selection is also written onto the Electronic Stripe.
For example, a user can use the buttons on his or her card to select to pay for a purchase with credit or to pay for a purchase with rewards. The user can swipe the card at a magnetic stripe terminal and information regarding the user's selection may be communicated through the Electronic Stripe. If the user inserts the card at a chip-enabled terminal, the card will communicate the user's selection through Dynamics' Chip and Choice™ technology.
Dynamics' Chip And Choice and Electronic Stripe technology can be utilized in any country with EMV penetration. For example, Dynamics' Chip And Choice may be utilized in the 40% of Asia Pacific's point-of-sale terminals that are chip enabled and Dynamics' Electronic Stripetechnology may be utilized in the near 100% of Asia Pacific's point-of-sale terminals that have magnetic stripe readers. Dynamics' technology provides cardholders in all markets with new, advanced capabilities and a more meaningful and seamless payments experience.