Metro Denver is home to a company who is aspiring to revolutionize credit card technology.
Dynamic Card Solutions of Englewood, Denver is a manufacturer of hardware and software solutions to financial companies. One device that they have recently developed allows credit and debit card issuers to generate cards instantly. Normally, an applicant would have to wait for 7-10 days before he can receive his credit card, and it is usually sent by mail.
Banks who would adapt Dynamic Card Solution's technology could drastically reduce waiting time for credit and debit cards. People who have lost their cards can even be issued a replacement on the spot.
TD Bank and US Bank, two large financial companies have already launched the technology into their operations. US Bank is initially offering the service to five of its branches in Colorado.
On other news, VISA and MasterCard, two widely acknowledged industry giants are now in the testing stage of a new credit card technology that does away with the traditional embossing of characters on cards. Using laser, client information such as names and account numbers are "etched" on credit cards resulting to a flat surface.
This type of card requires a special reading machine that can detect information electronically. The widespread adoption of this technology is aimed at eliminating the use of crude credit card reading devices, where a merchant has to produce carbon copies of credit card payment transactions.
Small businesses are not that enthusiastic with this recent development stating that it would entail additional costs on their part, since they have to buy new card reading devices. VISA and MasterCard on the other hand assured them that in the long run, it would benefit their businesses.
This new printing technology promises to curb fraudulent credit card transactions since information will be detected electronically. Widespread adoption of this new process would eventually result to lower fraud cases and credit card companies, who will ultimately benefit, can pass off savings to consumers in the form of lower credit card fees.
US Bank is also pioneering another technological breakthrough - the contactless cards. With contactless credit cards, clients need not swipe their cards in readers. They can just wave their cards in front of specialized devices who can read the card's information from a distance. This technology can also make possible the shrinking of credit cards to extremely small sizes.
Currently, US Bank is experimenting with "sticker" credit cards which incorporate this new technology. They have also successfully finished testing their "all-in-one" card, a multi-purpose card that can be used as a company access card, contactless card, and credit card.