Tuesday, September 28, 2010
Dynamics' credit card technology wins $1M at DEMOgodDynamics is on the frontier of the future of credit cards and has won a major award to prove it.
Jeff Mullen, CEO, and his team won $1 million on his three year old brainchild last week at DEMOgod for their Card 2.0 invention. Dynamics was competing with 70 other teams at the conference for new technologies.
A thinner version of a credit card, the Card 2.0 serves many different purposes. The "MultiAccount" allows just what the name implies, two different accounts on the same card. For instance, one account could be used for business expenses and another for personal use. The "Hidden" card conceals a part of the cardholder's account number when not in use and helps protect users from fraud. This is achieved by essentially having the user enter a code to unlock their card.
The card may also feature "the world's first fully card-programmable magnetic stripe," says Mullen, which would allow the card to change information on the fly and provide greater security.
"We have the largest and oldest card acceptance infrastructure in the world and it operates on magnetic stripes. Accordingly, a dynamic stripe would allow issuers to innovate in order to differentiate their products and attract users that gain value from that differentiating functionality," says Mullen.
It was at Tepper School of Business of Carnegie Mellon University where Mullen first presented the idea at Project Olympus. He graduated from CMU in 2001 with a degree in electrical computer engineering.
Dynamics is giving card issuers the option of releasing the new cards on their own schedule, so it is unclear when they will be made available, says Mullen.
Dynamics has won several other major awards including the Rice Business Plan Competition, Carnegie Mellon McGinnis Venture Competition and the University of San Francisco Business Plan Competition.
Article Courtesy of Pop City