From smart cards to smartphone-based payment services, we've seen plenty of high-tech digital wallets vying for the attention of tech-savvy consumers. The Spendwallet is the latest of the bunch, an all-in-one device that opts for an in-house magnetic field technology instead of NFC.
Unlike mobile payment services Apple Pay and Android Pay, the Spendwallet doesn't use NFC. Instead, it makes use of a Magnetic Flux Emulation (MFE), a technology that generates a magnetic field, essentially tricking the reader into thinking a card has been swiped.
We've seen similar technology before in mobile payment service Samsung Pay. According to the Spendwallet team, MFE is superior to Samsung's solution, with its in-house antenna and firmware providing lower power consumption and, reportedly, wider compatibility. The Spendwallet also distinguishes itself from Samsung Pay in that it takes the concept out of the smartphone and into a dedicated payment device.
According to the product's creators, the MFE method is also more reliable than rewritable magnetic strips, which we've seen in the past on devices like the Plastc.
The Spendwallet can store up to 20 cards, with support for debit, credit and gift cards. To set up a new card, the user needs to launch a companion iOS/Android app and then swipe the card through the included reader, which plugs into a smartphone headphone jack. The app then syncs the card data with the Spendwallet via Bluetooth Low Energy.
Read More: http://www.gizmag.com/spendwallet-magnetic-smart-wallet/43480/
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