In 2007 Jeff Mullen founded Dynamics Inc. which works to create innovative dynamic products for the next generation. Focusing on intelligent powered cards the company has launched the new 2:0 credit card that has walked off with the million dollar prize at DEMO’s start up competition for new technologies. The card was also voted the People’s Choice award for its unique concept. So what exactly is this million dollar winning 2:0 card?
The 2:0 card is a credit card which can hold multiple accounts from one bank on one card, allowing the card holder the choice of account to use without the necessity of rummaging through lots of different credit cards. The card holder can use the card as a debit card, or opt to choose their personal account, business account, corporate account, or any one of the credit accounts they hold at the same bank.
Dynamics Inc. describe the 2:0 card as “the world’s first programmable magnetic stripe for use in next generation payment cards.” Looking just like a normal credit card this one has minute buttons to press to access the account of choice. It is battery powered and can be illuminated to show which account is being utilized. When the card is turned off it becomes a piece of dead plastic making it extra secure. Not only that, but the card is waterproof thus eliminating the risk of it being accidentally submerged in water and being ruined.
According to Dynamics Inc. the card 2:0 has been stealth tested behind the scenes at several major banks that will soon be launching their own bank versions of the card. The card can be used at the traditional swipe points so does not involve businesses needing special new terminals to accept it.
The card is obviously more than just a credit card as it’s a gadget too, so likely to appeal to the men. It could possibly change the way some handle their credit card transactions but won’t be of benefit to those who simply have credit cards issued by different providers.
It could spell good news for the banks as it may encourage people to keep more accounts at one bank. To be useful it would mean an individual user retaining the same bank for their personal account, as their credit card provider, and as their business bank. That may well equate to having too many eggs in one basket for many. It could also represent a novel way for card holders to run up credit card debt.
Source: Dyanamics Inc.