“Stratos an innovative start-up, offers a unique new style card that works much like a digital wallet connecting and storing all your payment and loyalty cards on a single Bluetooth enabled connected card. The product offers feature rich technology providing enhanced cardholder experiences and added security benefits,” says Madeline K. Aufseeser, senior analyst with Aite Group. “Adding an EMV Chip to Stratos, further enhances the product as the U.S. market marches toward increased EMV and mobile payments adoption by consumers and merchants alike.”
Today’s announcement introduces the first connected device that can fully support both the magnetic stripe payment format and EMV chip format. Stratos believes the migration to EMV/Chip-and-PIN is establishing the foundation for securing payments. As part of Stratos Card’s evolution, Stratos plans to introduce tokenization over NFC as well as loading tokens onto its dynamically changing magstripe. Combined with its EMV Chip, the card will offer new levels of security never seen before on a connected payment device.
“Integrating an EMV chip on Stratos Card is a step in the right direction for a more secure payment for consumers and issuers,” said Thiago Olson, co-founder and CEO of Stratos. “While we are bringing NFC contactless to our cards, the addition of an EMV chip helps smooth the transition from magnetic stripe to NFC for our members and card issuer partners. Our partners are thrilled to see us support their EMV chip cards, since these cards would be top of wallet for their users while offering secured transactions especially important after liability shifts.”