Chicago-based start-up NFC Data Inc. has developed a new contactless key fob as a low-cost payment alternative to NFC phones, according to American Banker.
Designed to be toted around on a key chain, Sqwizz houses a mobile decoupled debit card that users can link to any checking account of their choosing to make contactless payments at the point of sale. The device can also perform other NFC functions, such as reading tags and smart posters, sharing data with other NFC phones, and storing loyalty points and coupons.
The Sqwizz is set up kind of like an MP3 player, with a scrollable menu screen that lets users choose which function to perform. The back of the device contains a small PIN pad used to verify the holder’s identity before an action is performed.
According to American Banker, NFC Data has already made an agreement with a Silicon Valley company to launch 100,000 Sqwizz devices in August. The company is currently looking for a bank to co-brand the device’s contactless payment function.
NFC Data is also working on creating an app that would bring Sqwizz capabilities to NFC-enabled smart phones, says American Banker.
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