iCache a haven for credit cards
Posted on Jan 16, 07 10:33 PM PDT
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By TGraham , 12/02/07 11:48 AM (CommentID #099988)
I like the Idea! It is a bit bulky, but so is my wallet. It needs to be put into the public eye more. I don't think many people have heard of your product. When will you have a IPO? I pray all goes well with the launch of your new product.
By Chris LaVaux (IT3 in the USN) , 25/01/07 11:43 AM (CommentID #089805)
I think the dynamic card should contain all the look and feel of a credit card as well as a few more security measures to help the merchant feel at ease with the device.
A nice picture with a name, ID number, an expiration date (since not everything can live forever), digitally encoded thumbprint like Government IDs. And on the back it would list all the logos of compatible brands, just like ATM cards do now.
This could work if enough publicity is put out about it.
So if you completely outfitted the dynamic card with security, and registered your list of scanned cards online, there's no way a thief could steal anyone's card and scan it without being caught.
The card should be housed in the back of the Icache as well to keep them together. Maybe a backup in your wallet.
Now you just need to figure out how to slim down the device so that it can fit in someone's wallet or connect it to a cellphone. Maybe a thumb device that auto-rolls across the magnetic strip? Or a cellphone that flips out the write-head in the back. Actually, I like that more. Most people carry a cellphone now, so it wouldn't be that much of a burden.
You should partner up with a cellphone company to create a prototype, then sell the phone as one of their many products. I know it wouldn't be the iCache, but your idea is too great to pass up.
And of course later on the road... cards will no longer be needed. RFID FTW! =D
By Bruce Carson (CTO of iCache) , 18/01/07 9:06 PM (CommentID #086252)
As schalliol mentioned, merchant education/acceptance will probably be a minor issue we need to overcome. MasterCard has already put out Credit Cards in other form factors (like a Credit-Card watch). These alternative form factors are going to become more and more common in the coming years and the credit card companies are actively pushing development of them. As you probably know, the Credit card market is very tight and the market isn't expanding rapidly - instead you can only increase your market share at the expense of a competitor and one way to do that is with a better, cooler product.
As far as putting all your eggs in one basket...I understand the hesitancy. How about this: There is nothing stopping you from also carrying around a "backup" credit card until you grow to trust your iCache device.
By John Howard , 17/01/07 10:46 AM (CommentID #085551)
How is this anymore putting all your eggs in one basket than carrying all the cards around in the same wallet? Or perhaps you carry multiple wallets.
As for retailers accepting it, I think you might have problems at any place where you have to hand them the card, but anywhere with a terminal that you normally swipe the card at yourself, this probably won't make any difference as the person isn't likely to even notice. And even in the former case, as long as the transaction goes through, I think most retailers would accept it rather than lose the sale.
By schalliol , 17/01/07 9:57 AM (CommentID #085540)
I question whether most credit card accepting retailers would be willing to swipe such cards without education.
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