Santa Cruz tech company to introduce new kind of payment card

Instead of digging through your wallet to find the right credit card, a Santa Cruz tech company is developing a new payment card that would make that a thing of the past.

The EDGE Card would store several credit cards. It would also allow users to swipe, dip or tap when it comes time to pay up, as the card will include a magstripe, EMV chip and NFC. NFC is the technology that allows your mobile phone to talk to a payment terminal. Square is one example, using an NFC reader.

Peter Garrett, EDGE Mobile Payments CEO, says the card will also feature a touch screen, biometric authentication and financial management options, including real-time account information.

The smartcard, which also stores debit, loyalty and gift cards, works with a smartphone app.

“We are currently developing the most sophisticated and user-friendly smart payment card yet,” says CEO Garrett in a press release distributed last week. “The EDGE Card is an integrated solution that is designed to be the bridge between the well worn paths of existing swipe-and-pay cards and the mobile wallets of the future.”

The Santa Cruz based company is working on the prototype of the EDGE card, which is scheduled for release later this year.