Dynamics Inc., a producer and manufacturer of payment cards, will unveil its Chip and Choice Technology, which features both an embedded and exposed chip, Tuesday at Finovate Fall 2011 in New York City.
According to a company press release, 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, according to the company, negates the need for costly infrastructure updates.
"After 15 years of EMV deployment in Europe, 63 percent of European cards and 83 percent 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," said Jeff Mullen, Dynamics' CEO.
The Chip and Choice technology will be unveiled Finovate Fall 2011, a financial technology demo-focused conference, at Piers 92/94, 711 12th Ave. in New York City.
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