Citibank Innovation: 2G credit card with LED display

Citibank recently announced that a new credit card Card 2 (2G) will start testing among consumers. The card was pioneered by Dynamic s, with LED display, built-in buttons, and can be embedded in the current market credit card size of the plastic film encryption technology. Citibank wants 2G technology, which is characterized by higher security, and the ability to associate multiple accounts on the same card - will have a revolutionary impact on the credit card industry.

"We are trying to become an unprecedented force in this industry," said Dynamics CEO Geoff &mid dot, Mullen (Jeff) in an interview with the New York Times, said. Citibank plans to test new cards next month, with the goal of issuing the card in the middle of 2011.

Citibank hopes that the charm of this innovative product can attract consumers who may use other bank cards, so that the United States in a competitive market competitive advantage.

Citibank hopes to use the 2G technology to give cardholders the ability to pay at the cashier's points. "We have developed an exclusive technology that allows Citi to convert the bonus points of the transaction into dollars at the time of the transaction. O'neal, executive vice president of Citibank credit card division; Neil (Terry O). The use of points to pay the price of the product has been used in the online payment for several years, but has not yet been popular in the field of bank cards. Citi will attract consumers who spend a lot of money to boost consumer spending.

In addition, Citigroup has another persistent interest: credit card fraud protection technology. The provisions of the federal "Fair Credit Card Billing Act", the unauthorized credit card spending, consumers need to bear the cost of less than $50, and the remaining losses from credit card issuers bear. If the consumer fails to report the loss or theft of a debit card within two days, the loss will not exceed $50. Fraud protection technology using Card 2 technology - the final credit card and debit card account can be combined, so that the issuer can remotely lock the card, rewrite the card magnetic stripe and turn it into a useless plastic. 2G technology is expected to greatly reduce the loss caused by the card theft, reducing the loss of fraud required by citigroup.

As many experts say more and more payment emerging, mobile devices will become the future mainstream payment -- Citibank is borrowed from the Card 2 technology to keep up with the pace of technological frontier. Let's wait and see if these flash cards will be a flash in the pan.