Creating an all-in-one credit card has been an unrealizable dream for tech companies for a long time. First, it was coin, then came plastic, which left customers high and dry after pocketing $9 million in the form of preorders.
At least coin managed to ship a card, but it didn’t last, as Fitbit acquired the company and killed the smart card project.
The smart credit card dream is not dead yet, at least not for Edge CEO and co-founder, Peter Garret. The tech veteran has acquired Plastc and what is left of it; And hopes that by mid next year, he’ll have provided the world with the first functioning smart credit card.
The best part is that Edge does not depend on customers’ money to make the project a success. Instead, the tech company is raising money to finance the project through other means. They have already raised around $1 million and hopes to reach $10 million to be able to ship the cards by June 2018.
To win the highly disappointed customers’ trust back, Edge is giving the backers a $50 discount on their purchase of the $199 card.
Wait, did you expect it to be free?
Peter Garret is offering the discount as a form of consolation; After all the dead project was under another company’s management.
The Edge smart card comes in the same size as the normal credit cards, and debit cards. It has a color touchscreen that will let you choose the card you want to use to make a purchase or pay for a service. The color touchscreen also serves as a pin pad for transaction verification.
The smart card will support magnetic stripe, NFC purchases, and EMV chip. It comes with a wireless charging pad and can run for two weeks after recharging.
The card also has a digital mobile app called Edge. This app is what makes the Edge smart credit card the best. It has biometric a purchase verification system that is completed via the phone and has a digital storage that helps you store every one of your receipts.
Through the app, you can choose the best credit card to use for each payment. The company says that they’re planning to partner with various retailers to add some offers on Edge.
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Edge CEO Peter Garret and his team believe that mobile payment system has failed to take effect. The team is using that fact as a clear indication that smart credit card is still the best option. The fact that Plastc received $19 million in preorders is also another sign that people are tired of stacking a bunch of credit cards in their wallets and purses.
Peter Garret says that he has been talking to many big banks, and they all agree that smartphone payment system adoption is rather slow. And Edge wants to utilize this window properly.
The company hopes to pull together the remaining resources of Plastc, which includes the touchscreen feature. They also plan to use the crumbled card hardware engineering tech to bring it back to life.
Peter Garret admits that EdgeCard is a sophisticated unborn baby, but hopes that with the help of his highly trained team, they will pull it through.
For those who had paid the $150 to Plastc as preorders, you can sit back and wait, as Edge is not asking for a dime from the public. If the project dies, it doesn’t fall with the consumer money again. If it survives, the EdgeCard will have helped a big deal especially for people with multiple credit cards.