smart credit cards
Post on 18-Jan-2016
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Smart Credit CardsNathan DeWittCS 410Fall 2007Green Team
Credit Card Debt• Total Consumer Debt: $2.39 trillion• Average Household Debt/Income Ratio:
21.5%• Average Credit Card Rates Increasing
http://www.bloomberg.com/apps/news?pid=20601087&sid=aZO6230mMNgI&refer=home
http://www.bankrate.com/brm/publ/cc_top_ten_mkt.asp
Feedback• A signal used within a system to provide
self control• Cash– Money in wallet
• Check– Register shows balance decreasing
• Credit Card– ???
Add Display to Credit Card• Provides Balance Information• Instant Feedback• Requires No Power to View• Requires No Flash Memory• High Resolution• Backwards Compatible with Existing POS
http://eink.com/
Benefits• Credit Card Companies– Excellent Public Relations Campaign– Gain Trust of New Customers
• Consumer– Quickly Ascertain Financial Standing– No Need to Wait for Monthly Statement
Credit Card Reader• Retrieves Updated Balance from Server• Updates Display on Card• Update Operation Takes ~500 ms• User Can Update Balance from Home
http://eink.com/products/segmented/specsheet.html
Authorization Request• Sends Card Number• Sends Expiration Date• Sends Transaction Amount• Receives Authorization with Updated
Balance
Requirements• Credit Cards– e-Paper Display
• POS Equipment– Request Balance Amount– Write Balance to Card
• Server– Send Balance Amount
Timeframe• Minimal Development Time– 8-12 Months Display & Reader– 6-8 Months Server Software
• POS Rollout Would Take Longer– Proposed System Backward Compatible
Concerns• Privacy– Knowing Current Balance Does Not Help
Criminal– Thief Has Access to Card Regardless
• Cost to Upgrade POS– If Stores Elect to Forego Upgrade, Card Still
Compatible
Cost• Total Estimates Under $500,000– 1” x 2” Display Under 30¢– Server Software ~$150,000– POS Reader Development ~$250,000
http://www.wired.com/news/business/0,69839-0.html
Summary• Credit Card Debt Out of Control• Balance Display on Card Provides
Feedback• Credit Card Companies Gain Customers• Consumers Can Manage Spending• Cost-effective Way to Improve Financial
Health
References• Bloomberg
– http://www.bloomberg.com/apps/news?pid=20601087&sid=aZO6230mMNgI&refer=home
• BankRate.com– http://www.bankrate.com/brm/publ/cc_top_ten_mkt.asp
• Wired.com– http://www.wired.com/news/business/0,69839-0.html
• E·INK– http://eink.com/products/segmented/specsheet.html
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