Card 2.0 : Time for advanced Credit/Debit Card

Citibank will starts testing an innovative new device called “Card 2.0” for credit card and debit card which securely links several accounts by next month.

Last month in Silicon Valley this innovative credit card shawls the show at the demo start-up conference. The card consists of embedded buttons and graphic displays. This card thin and flexible as a normal credit and debit card.

What is new in Card 2.0?

This card goes beyond the “credit or debit” cards to give you more. It allows the users to choose between 2 buttons on the card at register. One button allows the users pay with the reward points and the other button allows the user to pay with credit. The person who has these cards can pay with reward points that they have in the card.

What is it named as Card 2.0?

This Card is named as 2G (it is the second generation which is similar to the name which are given for the mobile gadgets); each one consists a chip and battery with about 4 yrs of life.

According to the reports, since May the Citi’s employees have been testing 2G cards and the bank is planning to roll the cards out to the customers in the mid 2011 or by late 2011. Some cardholders will be chosen by Citi to start using 2G card now.

Citi’s Dividend Platinum selected the MasterCard and its Premier Pass Elite, the both rewards-focused cards; this will be the 1st to be offered as the 2G cards.

The technology that is used in this Card 2.0 will be combining both the credit accounts and debit accounts enabling the card issuer to remotely neutralize the card, rewriting the card’s magnetic strips and turning it into a hopeless piece of plastic. The card 2G expects to radically lower down the efficiency of card robbery, lessening the amount of fake charges for which Citi is responsible.

Jeff Mullen is Chief executive officer of Dynamics, Inc., the company behind the cards. He said to The New York Times that the Citi’s 2G cards were just at the baby steps, saying, “We’re just scraping the surface with what these cards can play with these first products… We’re trying to be the novelty arm of an industry that has never had one.

Citi is hopeful the attraction of a ground-breaking product will draw customers that may otherwise have taken their card business elsewhere, giving Citi an aggressive advantage in a competitive market.

With more and more payment choices presenting themselves each day – and several experts are viewing this mobile devices as the payment method of the future – Citi is taking the steps to stay on the technology front position with the card 2.0. I think this card will be making a big revolution in the credit card system. We will have to wait and see how these flashy cards will play around this world in the future.

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