PURCHASE, N.Y. & PITTSBURGH--(BUSINESS WIRE)--In conjunction with the Series C funding announcement issued earlier today, MasterCard and Dynamics Inc. also announced today a joint commercial initiative to drive innovation in the interactive payment card market. The collaboration enables MasterCard to offer exclusive Dynamics products to its issuers globally, providing consumers with added choice, flexibility and security at the point of sale.
Dynamics technology and manufacturing capabilities produce payment cards that enable issuers to meaningfully differentiate their card products and to provide extraordinary payment functionality to their cardholders. Dynamics next-generation interactive payment cards are built with features such as buttons, displays and LEDs. These technologies provide consumers greater card functionality including the ability to select applications that are stored directly on the card itself, all with the assurance that every card is completely compatible with existing POS terminals. Dynamics also pairs their card technology with interactive mobile applications to help move the consumer that much farther into the digital world.
The technologies have many practical applications and will allow issuers to offer multiple consumer features and functions in one card. This includes cards that offer consumers multiple selectable currencies, access to both debit and credit accounts, and cards with a co-brand that offer credit or debit in conjunction with a separate loyalty application.
As safety and security in everyday payments is at the heart of MasterCard’s business, its expertise in these areas will also enable the companies to develop new security-oriented products on a global scale while continuing to allow consumers the choice of how they pay. Working together, MasterCard and Dynamics will deliver to issuers innovative payment cards for a global consumer base that continues to move away from cash and seeks personal technologies that deliver convenience and security for their daily lives.
“Interactive payment cards give cardholders an unprecedented level of customization, control, and security at each and every purchase at any point-of-sale device in the world,” said Jeff Mullen, Chief Executive Officer, Dynamics. “With interactive payment cards, banks can expand card offerings by providing cardholders with several additional on-card payment options that cardholders can select at each purchase. By giving consumers easy access to additional options, banks can enable several business models on a single card while building brand and an enhanced cardholder relationship with each purchase.”
“At MasterCard, we are focused on driving innovation across the entire payments industry, and continue to invest in the technologies, solutions and companies that will help our customers and partners expand their business and serve their cardholders in new ways,” said Carlos Menendez, Group Executive, Global Credit and Debit Products at MasterCard. “In working with Dynamics, we have secured a partner with deep technology capabilities and market-leading manufacturing capabilities to help drive innovation in the interactive payment card market while moving in lockstep with MasterCard’s mobile and digital enablement strategy.”
About Dynamics Inc.
Dynamics Inc., founded in 2007 by Jeff Mullen, designs and manufactures intelligent battery-powered payment devices and advanced payment platforms. The company has currently launched products with banks in the United States and Canada and has won five Finovate Best of Show awards, two Cartes Sesames awards, a Best in Show award for Personal Electronics at the International Consumer Electronics Show (CES), and the $1M People's Choice Award at DEMO. Dynamics investors include MasterCard, CIBC, Adams Capital Management and Bain Capital Ventures. For more information, visit www.dynamicsinc.com.
About MasterCard
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.
Forward Looking Statements
Statements in this press release which are not historical facts, including statements about MasterCard’s plans, strategies, beliefs and expectations, are forward-looking and subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date they are made. Accordingly, except for the company’s ongoing obligations under the U.S. federal securities laws, the company does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or industry conditions or other circumstances arising and/or existing since the preparation of this press release or to reflect the occurrence of any unanticipated events. Such forward-looking statements include, without limitation, statements relating to MasterCard’s products and offerings and its continued investments in technologies, solutions and companies.
Actual results may differ materially from such forward-looking statements for a number of reasons, including those set forth in the company’s filings with the Securities and Exchange Commission (SEC), including the company’s Annual Report on Form 10-K for the year ended December 31, 2013, and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that have been filed with the SEC during 2014, as well as reasons including difficulties, delays or the inability of the company to achieve its strategic initiatives set forth above. Factors other than those listed above could also cause the company’s results to differ materially from expected results.
