The Edge Card will be the same size as your other credit and debit cards. The smart card’s color touchscreen shows you what card you’re using to complete the transaction and acts as a PIN pad for purchase verification. The card supports magnetic stripe, EMV chip, and NFC purchases. It will operate for approximately two weeks between charges and comes with a wireless charging pad.
A digital wallet app called Edge brings some interesting features to the cards. The app allows you to require biometric verification (completed on your phone) for purchases. It also offers digital receipt storage and even has a feature that will help you select the best credit card to use for your purchase. The company also plans to partner with different retailers to add special offers for Edge Card users.
At $200, the Edge Card is more expensive than past smart cards. It will initially be available online, though Edge CEO Peter Garrett told Digital Trends he hopes the card will eventually be available through retailers like Best Buy and Amazon. Unlike Plastc and other smart card manufacturers that failed to ever bring a product to market, Edge does not intend to use pre-orders to fund development of the card.
Originally announced in 2014, Plastc marketed itself as a digital solution to replace up to 20 credit cards. A lengthy pre-order campaign ensued where early adopters paid $155 to have first access to the card. After raising $9 million dollars from pre-orders, the company abruptly filed for Chapter 7 bankruptcy in 2017 and failed to fulfill any orders, leaving customers high and dry. Edge plans to offer a $50 discount to people who were part of the Plastc pre-order campaign.
With Apple Pay and Android Pay available for free on many smartphones, it’s uncertain who would be willing to pay for a smart card. While smartphone payment adoption has gradually increased since its introduction, it’s still used by a small number of smartphone owners. Edge Card hopes its added safety and convenience features, as well as its ability to be accepted at almost any business, will make it an attractive feature for customers who have multiple credit and debit cards.
