News

Wallet Card adds two-way communication between user, FI

February 26, 2018

Dynamics Inc. has introduced enhanced functionality for its connected Wallet Card that allows two-way communication between banks and cardholders via the card's telecommunications connection.

Previously, a Wallet Card consumer could only receive information from a bank. Now they can send information to their bank, as well, a Dynamics press release said.

For the first time, an issuing bank can engage in immediate two-way communications with a customer concerning their debit or credit card and receive an immediate response.

For the consumer, this means no more phoning a call center or looking up a website in order to respond to account servicing questions from the bank.

This creates new opportunities for communication and value:

Verify purchases— If an FI suspects a fraudulent purchase using an existing card, the bank can ask a consumer to verify on their card that they made a particular purchase and the consumer can quickly respond.
Offer on-the-spot credit limit increase — Rather than declining a transaction, the FI can ask a consumer if they would like to increase the credit limit on their card.
Add cards — If the FI believes a consumer might benefit from a new card offering, the bank can ask if the cardholder would like to download the new card immediately.
Upgrade cards — The bank can ask a consumer if they would like to upgrade their card to one that has additional features or value.

"We had promised that we would unveil new features with incredible strategic and financial value for both banks and consumers," Dynamics CEO Jeffrey Mullen said in the release. "Today, we start to deliver on that promise by unveiling that the connected Wallet Card has the ability to wirelessly send consumer requests to a bank through the card's telecommunications connection. For the first time, a bank can ask a customer a question on the card's display and get an immediate response. With these new consumer insights, the bank can provide better and more informed services."

The Wallet Card Consortium — comprising industry members who have announced public support for the product — include Dynamics Inc., MasterCard, JCB, Sprint (a subsidiary of SoftBank), Emirates NBD (UAE), CIBC, IndusInd Bank, Sumitomo Mitsui and other global payments networks.