New Smart Card is Coming to Replace Your Rewards Cards

Wednesday, January 20th, 2016
Updated: January 20th, 2016
The content is accurate at the time of publication and is subject to change.

Imagine carrying just one credit card with you and earning rewards that you can trade in for free vacations. WorldVentures DreamTrips is teaming up with Nxt-ID to do just that.

The companies are investing $2 million to develop a wireless smart card that will replace credit and debit cards, as well as loyalty cards, allowing users to leave all those cards at home and carry just one card. Payments can be made almost anywhere that takes a credit card, and people can present the smart card in place of their loyalty cards to earn points.

That means no more digging through your wallet to find the right card for the particular supermarket or drugstore you find yourself at. When you get the WorldVentures Nxt-ID smart card, you will input data from all your credit, debit, and loyalty cards, and it will be securely stored and ready to use when you need it.

In addition to earning the loyalty points and rewards from the credit card or store loyalty card, folks will be earning points toward WorldVentures DreamTrips. Members can earn restaurant points and use them toward free vacations.

An app, as well as wireless communication features built into the card, will allow cardholders to engage with each other and with social media. There are also extra identity protection features built into the card, so users can relax when using the card on their travels.

Tech and vacation companies make a match

WorldVentures is a direct seller of vacation packages and entertainment club memberships. Their company mission is to help people have fun and find more fulfillment in their lives. Wayne Nugent, co-founder and chief officer of WorldVentures DreamTrips, said that the company is “enabling people to use technology in a more powerful and compelling way.”

Nxt-ID, based in Connecticut, is actively seeking partnerships that allow them to leverage the “unique technologies” they are developing in the finance and tech space. They also developed the Wocket, a next generation smart wallet with a similar aim to the WorldVentures card; to replace all the plastic in people’s wallets.

Security is getting smarter too

With the surge in mobile wallet technology, smart wallets, smart cards, and the like, there has also been an uptick in security measures, so people can use the new payment technologies without worrying about identity theft, fraud, or other crimes. EMV chip cards, which are now becoming standard in the U.S. after long being the norm in Europe and Asia, are also making the payment space more secure.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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