US startup Spendwallet is raising funds on Indiegogo for an electronic wallet device that can store up to 20 magnetic stripe cards and will let the owner make payments at the point of sale using the company’s self-developed Magnetic Flux Emulation (MFE) technology.
“Our MFE technology generates magnetic field, which makes the card reader respond as if a card has been swiped,” Spendwallet says. “So no more swiping. Just tap and finish your payment anywhere.
“Install the Spendwallet mobile application and connect your Spendwallet reader to your phone’s headphone jack. Then swipe the payment cards smoothly through the reader and sync with Spendwallet via Bluetooth to transfer card data to Spendwallet.
“You can store a card as long as the backside of the card has a magnetic stripe. Membership cards with barcodes can be saved on [the] Spendwallet mobile application. Manage credit cards, save barcodes and coupons and see expenditures analysis on your smartphone through [the] Spend mobile application.”
“Select which card to use using left and right button and make sure your card’s nickname correctly appears on the LED display,” the company adds. “Spendwallet does not support payments at gas stations or ATMs. This is why we placed a backside card slot on Spendwallet for you to carry an ATM card or an emergency card.”
A video shows Spendwallet in action:
The company will begin shipping Spendwallet “no later” than October 2016. It supports devices with Android 4.3 and above and iOS 8 and above.