If you have ever wondered how frequent buyer points or cash back on your cards can be tirned in to real purchasing power, the answer may be here. Dynamics is proposing a new system which they believe will benefit everyone in payments, including the customer. Here is how.
Dynamics will change the mag-stripes on users' cards in order to allow them to use reward points to make purchases. Dynamics' CEO Joe Mullen estimates that 80% of cards offer reward schemes and that a significant amount of users will swap to Dynamics to benefit from the new feature.
Mullen also believes the scheme will benefit card issuers, processors and payment networks because the scheme will lead more consumers to use their products and spend more with them. The increase in spending would be an obvious boon to merchants, too. Dynamics raised $5.7m back in 2008 to begin turning Mullen's vision into a reality and they are currently conducting 'stealth trials'
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