NEW YORK—Payments continue to become more and more connected, especially with the Internet-of-Things (IoT), a new report has pointed out.
For example, Forbes noted that American Express is launching a card in South Korea that features built-in communications so that customers will never accidentally leave home without it.
“In addition to credit card payments and Bluetooth location finding, the KB Kookmin Card will also help you to find your mobile phone with a ringtone through the smart button at the bottom of the card and gives in an app push notification when disconnecting (in case you walk away and forget your card),” Forbes stated. “The card, which can be charged through wireless charging, seems to be to an interesting example of what economists refers to using a metaphor.
The Sailing Ship Effect
“The Sailing Ship Effect refers to the impact of steamships in Victorian times,” Forbes explained. “While in the long run, sailing ships were replaced by steamships, except for leisure, when the steamships first came on to the scene they led to a final burst of innovation from the sailing ship world, which was then stimulated into building some great ships. Perhaps we are now seeing this in the world of smart cards, as they enter their final age before being overtaken by smart phones, the cloud, blockchains or whatever.”
The KB Kookmin Card is integrated into Samsung’s “SmartThings Find” platform so that cardholders can connect the card to their Galaxy smartphone to check its location via Bluetooth Low Energy, Forbes stated.
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