Page 14 - All the 12 payment enabling technologies
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Dynamic Magnetic Stripe
The technology can be found in form of a device. Such devices have been developed by firms like the hardware startup
“Coin” as well as Omne. Such devices are capable of acting as a standard credit card but capable of acting as an
integrated form of multiple credit cards
How it Works Companies involved
The device comes with companion android and iOS app
used by the end user to store multiple card data either
by taking pictures of cards or by using headphone jack
dongle. The swapping of card info can be done using
BLE or other pairing options
Use Case
Payments, funds transfer
Strengths
Devices are capable of storing different types of card
data: gift cards, ATM cards, credit cards.No need of
carrying multiple cards and also does not require the use
of cellphone for payment.
Weaknesses
May not be compatible with EMV chip enabled cards
Security Risks
Currently such devices do not provide a security for
accessing it
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