For a product to be accepted by general consumers for daily use we can all agree on these basic facts...it needs to be inexpensive, easy to use in any environment and it has to have a level of familiarity easing the product replacement transition. This is especially true when discussing a product striving to be perceived as a financial tool and not a luxury good.
Over the last few years we have seen companies introduce some great variations of the “All-In-One Card” or "SmartCard". A card capable of replacing nearly every single piece of plastic you carry including credit/debit cards, open/closed loop cards, healthcare, loyalty and rewards programs, etc. The reality is simple...do we believe that a seemingly cutting edge product that stores ten or more credit/debit cards is cool and techy? Of course we do. Do we think this product is necessary? Not for the business model we developed surrounding our All-In-One Card Concept almost a decade ago.
The first patent for the Multimedia technological development of CR80 cards was presented in 2004 and granted in 2007. Over the three (3) year period of having to compile and write revisions we are experiencing the same behavior in the industry now as we were then. Marketers are developing banking products when it should be the other way around. Members of the banking and payment card industries should be developing a marketable product they understand.
Retailers will spend years transitioning their current POS terminals and networks to accommodate NFC, chip and pin card technology. Several dozen companies are finding ways to capitalize during this transition by controlling how payment cards, handheld and mobile devices will interact with POS terminals. Our All-In-One Card provides a simple interoperable solution connecting consumers and POS/EFTPOS networks while putting the control back into the hands of the consumer.
A few brief discussion points...
While credit cards are an important financial tool for the majority of them, the average consumer is choosing to own fewer of them.
A Gallup survey conducted in April 2014 found that the average number of credit cards Americans say they carry is at an all-time low.
Average number of credit cards held by consumers at the end of 2009: 3.7
Average number of credit cards held by consumers in 2012: 1.96
creditcards.com sourced info
When focusing on real life solutions, we must be thorough in understanding and differentiating the wants and needs for such a solution in the Payment Card Industry “PCI”. From a business standpoint the first questions you ask are easy...what is the data, what direction is that data moving and what will that data look like in 3, 5 and even 10 years from now. Any business introducing a product into an industry that is heavily impacted by economic fluctuations must be well prepared.
A decline in the amount of cards held by consumers gives an opportunity for the issuers to focus on adding value to their existing cardholder relationships.
Loyalty is one of the most reliable metrics for us because in every industry it tells a story. For the PCI the importance of B2B and B2C loyalty is apparent, starting at a high level with association service arms such as MasterCard Advisors and Visa Co-branded Card Consultants. Both are perfect examples of how industry leaders not only believe in but are also supporting issuers, local banks and credit unions by providing expert insight on, and professional services for, cardholder satisfaction and loyalty. Furthermore, Financial Institutions “FI's” continually become more flexible and creative by offering rewards card programs with signup bonuses, higher reward rates, cash back, no hassle redemption perks, etc. in an attempt to maintain steady retention growth rates. In turn cardholders are more receptive when it comes to building a long-term relationship with one FI. As these relationships between consumers and FI’s strengthen, the loyalty developed continues creating less active cardholder accounts thus reducing fraud.
The All-In-One Card project produced it’s first prototype in 2013. The card is capable of communicating with any modern Operating System “OS”, digital wallet or mobile banking platform through the patented Nandin Arrow™. It utilizes as many open loop cardholder accounts as the FI’s have to offer in addition to all of your closed loop and non-financial card data. When connected, the Nandin Arrow™ communicates with and supplies power to the necessary components of the All-In-One Card. This is a true “Card Program”. Our issued patents are approved by MasterCard® and Visa® associations. Other than the patented structural components that allow the card to function properly the additional features and options are customizable for an easy fit into any existing payment card program. All cards are standard ISO CR80 plastics and may be personalized and customized adhering to existing standard industry protocols. After selecting any combination of the features above, continue branding with custom graphics, personal & identification photos, signature panels, holograms, security features and UV inks. The contact smart card chips may be equipped with ISO 7816, T=0 interface and contactless payment MIFARE/PayPass or NFC capabilities.
The CR80 is built with an internal Printed Circuit Board “PCB” that connects the Nandin Arrow™ to the embedded EMV integrated circuits. The Nandin Arrow™ supports all types of daily connectors including iPhone's Lightning, USB-C and USB Mini/Micro.
The All-In-One Card does not require cords, special phone cases, batteries, Bluetooth technology, docking devices or any other assistive means for the card to function.
Advertising a product to consumers that merges the major associations and financial institutions without industry approvals can be risky. The Nandin All-In-One Card Program strengthens the FI and consumer relationship that has been built over time in the banking industry. With patents approved by MasterCard® and Visa®, financial institutions can now begin offering their own bank branded All-In-One Card directly to their consumers.
Although the Nandin All-In-One Card Solution is offered as a B2B Branded Card Program, the basic features and fundamentals of the All-In-One Card compare to the group of todays "All In One" cards as follows:
In addition to the familiarity and ease of use, the procurement of the architecturally engineered Nandin Arrow™ is comparable in cost to industry wide EMV chips utilized today. Working with strategic partners the All-In-One Card is placed in the hands of consumers at no upfront cost as a value-added service to replace their existing debit/credit cards. On the retail side, the "Nandin All-In-One Card" is a mere fraction of the price of the current “All-In-One” cards being marketed today.
© 2016 Nandin International, LLC
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