Wallet Card, the world's first connected, secure payment card, is set to be introduced in the UAE in 2018
Dubai's biggest bank on Tuesday announced plans to introduce the first battery-powered, interactive payment cards to the UAE this year.
Emirates NBD has teamed up with Dynamics Inc on Wallet Card, which is the world’s first connected, secure payment card, a statement said.
Key Wallet Card benefits are said to include the fastest data breach response and replacement. If a data compromise occurs, the bank can instantly delete the compromised card account number and replace it immediately with a new card and new account number.
Messages can be sent to the Wallet Card at any time. For example, after every purchase, a message may be sent to notify the consumer of the purchase and their remaining balance if they used a debit or loyalty card. Consumers can also receive coupons directly on their cards or be notified of a suspicious purchase.
Wallet Card also allows for multiple cards in one - consumers can access their debit, credit, pre-paid, multicurrency, one-time use, or loyalty cards on a single card with the tap of a button.
The statement said banks can distribute Wallet Card anywhere and at any time – such as in their retail branches, during events or even in-flight and consumers can activate it immediately. Card information can then be downloaded through a secure, over-the-air cellular connection.
It added that the new initiative also offers rapid card replacement with a new card couriered directly to the consumer within hours of it being lost or stolen.
Wallet Card includes a cell phone chip and cell phone antenna so data can be transferred anywhere in the world and at any time of the day.
A battery and organic recharging chip is also included so that the card charges itself through normal operation.
“Emirates NBD is a visionary bank that has enabled a visionary product with the award-winning Wallet Card,” said Jeffrey Mullen, CEO of Dynamics Inc. “With Wallet Card, Emirates NBD will revolutionise the UAE payment experience to provide the fastest and most secure card services and features in the UAE.”
Suvo Sarkar, senior executive vice president & group head - Retail Banking & Wealth Management at Emirates NBD, added: “As part of our commitment to offer an enhanced banking experience through innovation, we are bringing the best card technology in the world to the UAE so our customers can have the best card experience.
“Our customers will soon be able to download new cards, and receive remote card notifications, directly onto their Emirates NBD Wallet Card. This will provide unprecedented levels of choice, flexibility, and security never before offered in the UAE.”