PITTSBURGH--(BUSINESS WIRE)--Dynamics Inc., an innovator in next-generation payment cards, today revealed it has executed multiple volume agreements with card issuers to launch its next-generation magnetic stripe products within the United States.
“Dynamics is excited to begin volume production of its products for commercial use,” stated Jeff Mullen, chief executive officer of Dynamics. “This step is an important milestone for Dynamics. Card issuers have acknowledged the importance of our technology to empower customers with choice at the point of sale. Dynamics is very pleased with the growing roster of leading issuers that have endorsed and adopted our next-generation magnetic stripe technology.”
Volume production will begin immediately and scale through 2012. Currently, initial orders for Dynamics’ cards through 2012 are well over 1 million units.
In each card is the world’s first card-programmable magnetic stripe. Dynamics has utilized this innovation to create a number of new products that dramatically raise the bar for security, and are capable of meeting consumers’ needs for more choice and flexibility at the point of sale. Examples of such products include:
- MultiAccount™: The device includes two buttons on the face of a card. Next to each button is a printed account number and a light source. A user can select an account by pressing one of the buttons. The card visually indicates the selection by turning ON the light source associated with the selected account. Additionally, the magnetic-stripe information associated with the selected account is written to the Electronic Stripe®.
- Hidden®: The device includes five buttons on the face of a card and a paper-thin flexible display. The display hides a portion of a cardholder’s payment card number. To turn the device ON, a user must enter a personal unlocking code into the card. If the user enters in the correct unlocking code, the card will then visually display the user’s payment card number so that the user can read the number for online transactions. The Electronic Stripe® is then populated with the correct magnetic information so that the card can also be used with magnetic stripe readers. After a period of time, the display turns OFF and the Electronic Stripe® erases itself – thus removing all critical payment information from the surface of the card. If the card is lost or stolen, the card is essentially useless.
- Redemption®: The face of the device is printed with a single credit account number and includes two buttons with associated light sources. A user can choose whether to use points or use credit at the point of sale by pressing the appropriate button. The card will then visually indicate the selection by turning ON the light source associated with the selected option. The magnetic-stripe information associated with the payment option is then written to the Electronic Stripe®. The card can then be swiped at any magnetic stripe reader.
- Dynamic Credit Card™: A unique security code is written to the Electronic Stripe® every time the card is activated. A display may be added to the card such that a unique security code is also displayed every time the card is used. These displayed and in-stripe security codes eradicate fraud associated with stolen, or “skimmed,” intangible card numbers.
About Dynamics Inc.
Dynamics Inc. was founded and seeded in 2007 by Jeff Mullen, its President and CEO. Dynamics produces and manufactures intelligent powered cards such as advanced payment cards. Focused on introducing fast-cycle innovation to top card issuers, the company's first commercial application is the world's first fully card-programmable magnetic stripe for use in next-generation payment cards. The company has won many of the world's most prestigious international business plan competitions, including the Rice Business Plan Competition, Carnegie Mellon McGinnis Venture Competition and the University of San Francisco Business Plan Competition. The company won DEMOgod and the $1M People's Choice Award at DEMO Fall 2010 and Best of Show at FinovateFall 2010 and FinovateFall 2011. In January, the company won Best in Show at the 2011 International CES for Personal Electronics. Dynamics has closed a $5.7M Series A round led by Adams Capital Management and a $35M Series B round led by Bain Capital Ventures. Dynamics is headquartered in Pittsburgh, Pa. More information on the company, its technology and applications can be found at www.poweredcards.com.
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