The era of digital commerce is upon us. With the recent announcement of Samsung Pay and Android Pay, companies are going to be competing to provide users with secure hosting of their credit cards in a digital format. However, the one downside to these devices is that they all require the same thing: a smart phone. If a user doesn't own a smartphone, or that smartphone is dead, then that person is in trouble. However, one startup may have an alternative.
Tech startup Stratos has invented the world's first Bluetooth-powered credit card. The credit card-shaped device can store information from an unlimited number of cards via an internal electronic chip. Such a device would make it easier for users to carry multiple cards in one pocket and replace physical cards if they're lost. The device also comes with an app that will alert users to relevant spending locations, the ability to lock down the card if it's ever lost, a scanner that allows users to scan their credit cards directly into the Stratos card and a waterproof casing.
According to Stratos CEO and co-founder Striagos Olson, the device is similar to the iPod, which consolidated users' music collections onto one device. Instead of carrying around a bunch of different credit cards, users can just carry the Stratos and switch between cards as they see fit. Olson imagines a future where the physical card becomes unnecessary, where banks can send an updated card directly to a user's Stratos Card.
If the Stratos Card intrigues you, then you have reason to be excited. Olson plans to lauch the device in April. Users can buy a one-year subscription to Stratos for $99 or a two-year subscription for $149. Users will receive a personalized card, a credit card scanner and a six-month warranty that promises to replace the card if it is damaged.
This isn't the first time someone has tried to create a credit card-storing device like the Stratos. Tech startup Coin introduced a similar concept in 2013 but never released the product to the public. While Coin's idea might have been cool then, the Stratos version of the device seems more useful today in light of Apple Pay and its competitors.