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Wednesday, September 12, 2012 — 14:39:36 (CDT)
Dynamics unveils Triple Interface payment device
New York, Sept. 12, 2012 -- Dynamics Inc., an innovator in next-generation payment cards, today announced its Triple Interface™ next-generation payment device at Finovate. Dynamics’ Triple Interface™ product is the first payment device to centrally tie together all three primary payment technologies on a single piece of plastic and in a re-writeable format.
For magnetic stripe readers, a card-programmable magnetic stripe – Dynamics’ proprietary Electronic Stripe™ – is included, which can re-write any bit of the magnetic stripe at any time.
For EMV contact readers, a card-programmable chip – Dynamics’ proprietary Chip and Choice™ product – is included, which can re-write a contact chip profile at any time.
For EMV contactless readers, a card-programmable contactless chip – Dynamics’ proprietary Chip and Choice™ contactless product – is included, which can re-write a contactless chip profile at any time.
The three payment technologies are integrated in single, central computer architecture. A user can select different payment options by pressing different buttons on the card. When different payment options are selected, the central computer architecture re-writes the information on the proprietary stripe, contact and contactless technologies. The desired information is then securely communicated regardless of if the card is swiped, inserted or tapped.
Dynamics Chief Executive Officer Jeff Mullen said, “Competing payments standards continue to frustrate merchants and consumers, while offering little value to the networks and card issuers. With today’s release, Dynamics has achieved its goal of becoming technology agnostic. A Triple Interface™ device can be used in any terminal in any country to make any purchase. A consumer can now enjoy unprecedented payment options – at the push of a button – using any core payments medium.”
This level of flexibility, unique to Dynamics payments products, eliminates the need for costly infrastructure updates in order to deliver powerful new functionality to merchants, networks, card issuers and consumers.
Mullen added, “After 15 years of EMV deployment in Europe, only 63 percent of European magnetic stripe cards and 83 percent of European magnetic stripe point-of-sale terminals are EMV chip enabled. A small number of these terminals are enabled to accept contactless. We now live in a world of payments fragmentation. Dynamics’ Triple Interface™ device protects consumers by allowing them to pay for what they want in the way they want to pay for it.”
Dynamics’ Chip and Choice™ contactless product, introduced for the first time as part of the Triple Interface™ device, changes information on a contactless chip profile at the push of a button. Until the button is pushed, no information is stored in the chip. After a period of time, information stored in the chip profile is erased. As a result, contactless skimming technology cannot be used to steal information off a Triple Interface™ device while it resides in a consumer’s pocket.
About Dynamics Inc.
Dynamics Inc. was founded in 2007 by Jeff Mullen. Dynamics produces and manufactures intelligent powered payment cards and advanced payment platforms. 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, Best of Show at FinovateFall 2010, FinovateFall 2011, and FinovateEurope 2012, Best of Show at Cartes 2011, and Best of Show at BAI Retail Delivery 2011. Dynamics won Best in Show for Personal Electronics and Technology Honors at the 2012 International CES show. Dynamics investors include Adams Capital Management and Bain Capital Ventures. Dynamics is headquartered in Pittsburgh, Pa. For more information, visit: www.dynamicsinc.com .
Source: Company press release.
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