“Stratos is reinventing the wallet. Just as consumers have migrated their music collections into digital formats such as iTunes, so too are cardholders now compressing what goes into their wallet,” said Thiago Olson, co-founder and CEO of Stratos. “Bringing the Stratos Digital Card Issuance Platform to card issuers marks a big step for us in the payment industry. We look forward to working with card issuers so they can leverage the platform to better grow and retain loyal cardholder customers while providing customers with a more convenient and secure in-store payment solution.”
The Stratos Digital Card Issuance Platform will:
“Users are sick of carrying lots of cards most of which they only occasionally use and financial institutions would love to cut much of the cost out of issuing and managing cards,” said Rob Enderle, Principal Analyst for the Enderle Group. “The Stratos Card potentially provides consumers with the one card solution they have been praying for without forcing them to learn a new technology and financial institutions can retain the same values of a physical card while eliminating much of the cost of having to manufacture and deliver them.”
In the U.S., where more than two billion plastic payment cards are shipped annually, Stratos is making wallets flatter, not fatter. The Stratos membership-based all-in-one digital card consolidates credit, debit, rewards, membership, gift cards and other payment cards into a single dynamic card. As consumers gravitate toward next-generation payments, they prefer “universal” payment cards with their familiar ease and convenience, broad acceptance, and greater security to smartphones or wearable devices like a smart watch. After a successful March launch, Stratos began shipping in April.
At Finovate, Stratos will be demonstrating the Stratos Card Issuance Platform on stage for the first time. Company representatives will also explain many features of the Stratos Card, including its Dual Stripe technology that gives it greater acceptance than other mobile payment solutions, and its patented cardholder-controlled Card LockDown feature that provides the highest level of security by shutting down when the card is outside Bluetooth range of a customer’s smartphone.
FinovateSpring is a demo-based conference for innovative startups and established companies in the fields of banking and financial technology. Held in San Jose, the event offers an insight-packed glimpse into the future of money via a fast-paced, intimate, and unique format. FinovateSpring is organized by The Finovate Group. For more information on the event or to view videos of previous demos, please visit finovate.com .