We live in a world where everything is turning ‘smart’. Smartphones to Smart Televisions to Smart Cars, nearly every commodity is being technologically modified in order to provide greater efficiency and convenience.
The ‘Spendwallet’ is the latest all-in-one device that makes use of magnetic field technology instead of the conventional NFC. Does this mean we shall be saying goodbye to smartcards and payments via smartphones? Seeing the public’s response to this product on Indiegogo, most definitely. In a short period of time, the product has received double the required backing of $30,000.
So, what exactly is this ‘Spendwallet’? It beats Apply and Samsung Pay as it uses a Magnetic Flux Emulation (MFE) which basically synthesizes a magnetic field, and makes it seem as if a card has been swiped. Now, if you are a tech-savvy consumer, you may claim that the Samsung Pay offers the same service. However, according to the Spendwallet team, the MFE is far better than the Samsung’s solution since it has an in-house antenna and a firmware that consumes less power comparatively. Moreover, the team guarantees that it has an expansive compatibility, and is solely created as a payment device so the MFE technique is more reliable than the rewritable magnetic strips.
Now that we have established that the Spendwallet is the best payment solution or digital wallet out there, let us look at some of its features. It has the capacity to store twenty cards of varying nature, be it a debit, credit or a gift card. In order to install a new card, all the user needs to do is open the respective iOS/Android app and then swipe the card onto the card reader provided by the company along with the Spendwallet. This card reader is connected to the smartphone through the headphone jack. Once the user is done swiping, the app syncs the card data with the Spendwallet via Bluetooth.
Since it is a wallet, the appearance is quite simple. It has two buttons that enable you to switch from one card to another and a ‘spend’ button to make the payments. Furthermore, it has a LED display at the top which shows which card is being used. This display is only visible when the user is using the device. As for its physical characteristics, the Spendwallet weighs 65 grams and is 0.23 inches thick. The rechargeable battery powers the device enough to last for four weeks.
By now, you are probably wondering how easily this device can be used by somebody else if misplaced. Keeping this in view, the company has ensured that the user receives a notification on his/her smartphone provided the device is 66 feet away from them. Similarly, if one loses this smart wallet, the device clears all the data and locks itself. A user can also set a pass code through the app!
In order to allow the user to carry this Spendwallet only, there is a little pouch on the side where one can keep his or her ID card along with some cash. This way, there will be no need to carry a ‘traditional’ wallet.
References: Spendwallet, Indiegogo, New Atlas