‘So these are step innovations, rather than leap innovations.Some are very much needed, and some are probably not going to make it.’ Magnetic strips contact just 70 bytes of memory.By comparison, a CD can hold 800MB, or enough information for storing 12million credit cards.The new cards are created by Dynamics Inc., which is working on several other high-tech cards.Credit card companies are developing a range of cards that can talk to their owners. later this year, will have wafer-thin microprocessors and will run on batteries that last up to three years.They will also be able to display your balance, while also doubling as a reward card, it is promised. As companies try to tackle rising fraud, the card will only display personal information after a security code has been entered. Investor Forrest Parry could not get the strip to stick to the back of the card without damaging the data.Diners find such menu favorites as steak and potatoes, mac and cheese, burgers and fries, and old fashioned baked pies.
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Citibank released the new 2G card, which has a programmable magnetic strip and buttons on the front for users to choose to use it as a credit card or to spend reward points.
A trial is currently ongoing and, if successful, it could roll out across the country.
There are even talks that credit cards could be done away with completely and replaced with a small chip inside cell phones for paying for goods and services.
Banks, phone providers, Google and Apple, are reportedly working on mobile payment systems that rely on short-range wireless technology that allows devices to transmit encrypted data.