You can turn your multiple cards into one master card. Or, with Ondot’s new Card Control platform, you can better manage what you have now with a compelling new system that gives you complete control over your credit and debit cards. Want to remotely lock your card without calling the bank? Just flip a switch. Don’t want someone using your card to make online purchases? You can also change a setting to keep that from happening. With Card Control, users have complete controle of when, where and how cards are used.
Ondot’s system is made possible through a partnership with four major card processors that handle transactions for 10,000 banks and credit unions in the U.S. That means users will be able to set limitations, track transactions, and even enable payments by proximity, which means a card can only be used wherever you are (your phone, essentially). If your card is left behind at a restaurant or, worse, gets stolen, it’ll get denied if you’re on the other side of town.
The video below succinctly demonstrates what Card Control is capable of, and why banks need to implement such a feature sooner rather than later. Card Control is more of a platform and less of an application, providing banks with the tools to implement into their own banking apps. It actually took Ondot two years to get everything right because the underlying technology was so hard to develop. But now the startup is ready to provide these tools to banks, which we hope will be implemented sooner rather than later.
According to an early partner of Ondot, Texas-based Lone Star National Bank, CardControl has led to a 60-percent reduction in fraud costs, within just twelve months of usage. On a wider scale, customers at bigger banks across the U.S. will likely experience similar results, though nothing has been implemented just yet. Now that all the tools are in place, it’s just a matter of time before these micro-managing features are implemented in a bank’s app.
Ondot said that the card is becoming intelligent without touching the card in any way. So you won’t have to replace your current card, per se, but you’ll still have in-depth control over what can and can’t be done. The future of mobile payments still might be a ways off. But that doesn’t mean we can’t use mobile technology to make current methods better. Ondot’s could completely change how you manage your cards in the future.