To create this new type of debit card, Softbank incorporated unique Internet of Things (IoT) chips inside the plastic. This allows the card to have a dual function – as a traditional debit card, and as a blockchain wallet.
Blockchain wallet in a card
The development of this new kind of debit card is a push for improving functionality on Softbank’s side.
The blockchain wallet can function both as hot and cold cryptocurrency storage. To use the card like a hot wallet, users have to enable wi-fi functionality when purchasing. These capabilities are all hidden in the IoT chips integrated into the debit card.
Softbank tasked an American company with the development and execution of the plans for this new kind of debit card. Dynamics specializes in the development of the so-called wallet cards, and the company has been nominated for several tech awards because of the disruptive nature of their projects.
Because of Dynamics’ expertise in the field, Softbank tasked the United States enterprise to create its first blockchain wallet debit card.
The main advantage of the new blockchain wallet debit card is its connectivity. By switching Wi-Fi connectivity on and off, customers get the chance to share data with their bank faster.
Not only that, but the underlying blockchain technology makes the new debit card several times more secure than a traditional plastic carrier.
Last, but not least, by purchasing the IoT integrated debit card, customers get the ability to switch between using fiat currency funds, and digital currency funds in a click of a button.
Softbank is revolutionizing the way the traditional banking system works. With the introduction of this new generation of debit cards, Softbank is building a bridge between modern technology and the banking industry.
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