Consumers can connect their multiple credit cards to the Wallaby Card, which optimizes their rewards. The system could access mainstream consumers that mobile payments can’t.

A cloud-powered payment card to make the digital wallet more accessible ?

Many of the new wallet startups have developed for payments, loyalty cards or commerce that are accessed through smartphones. While developments have included innovations with consumer bank accounts or credit cards, one digital finance company is taking a different approach. While it is still a digital wallet solution, Wallaby’s“one card to rule them all” stands out from other newcomers because of its form - a physical card that consumers use just like the payment cards they already own. But instead of the card connecting to a credit or checking account, this one is connected to the cloud. Wallaby members can connect several card accounts to their Wallaby Card, and put that one, and only one, in their wallet.

Consumers get the most rewards from the cards they already have

Consumers often carry multiple cards- often up to 4 cards at once, and many of these represent accounts that offer rewards with purchase - most often cash back, points or airline miles. But often the accounts give these rewards with certain stipulations, whether its purchase type, time of year, etc. Cardholders often end up not getting the most of these rewards - and this is the area that Wallaby hopes to act upon. After these multiple accounts are connected to the Wallaby card, the user makes a purchase with just that one card. The user account identifies which account offers the most reward on the purchase, and uses it for the transaction.

A digital product in a familiar format

Wallaby has consciously created a new product that can be implemented without new software or hardware. This may make it more welcome in the consumer economy, as opposed to mobile payments which require an enabled phone, an app, and retail support - not to mention the time and knowledge on behalf of the customer to participate in this process. The Wallaby card comes in a familiar format that customers and merchants know exactly what to do with. For the majority of Americans who have no plans to adopt mobile payments, Wallaby may be a viable route for mainstream consumers to access the benefits of the digital wallet.

By Ivory King