Citi 2G Cards: Next Gen Credit Card System From Citibank

Posted by on Oct 24th, 2010 and filed under Featured, Tech Stuff. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

This coming month November, Citibank will release a remarkable innovation of credit and debit card device that securely links multiple accounts. Their cards enable the cardholder to use two accounts in one card. In this way the Citibank has created a card that has two buttons where you may choose to pay with reward points or in credit. Cardholders can pay with reward points anywhere their Citi card is accepted.

Each card contains a chip and a battery that has four years of lifetime. The card is called 2G as in “second generation” similar to mobile gadgets.

They also have a credit card called “Hidden card” that protects your personal information. What it can do is it hides a portion of your credit card number and its electronic swipe for it to be unable to use. The “Hidden” card has five buttons where you must enter a personal password. Entering the correct password will reveal the hidden portion of your credit card number and its electronic swipe. And for the period of time that is instructed by you the cardholder, the display will turn off and the electronic stripe erases automatically.

Citi’s Dividend 2G MasterCard and its PremierPass Elite are both rewards-focused cards; they are the first to be offered as 2G cards.

Also, Jeff Mullen is CEO of Dynamics, Inc. told The New York Times that Citi’s 2G cards were mere baby steps, where he said, “We are just scratching the surface with what these cards can do with these initial products… We are trying to be the innovation arm of an industry that has never had one.”

Here is a demonstration on how Citi card 2.0 works:

(via mashable.com)

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