Product Technologies Inc. (PTi) today announced that Internet revaluing of smart cards can now be accomplished using SmartCity 4, its turnkey smart card-based e-purse (electronic purse) application that also provides a multi-application development platform and tools to systems integrators. This enhancement makes it possible for SmartCity smart card holders to load cash to their e-purse(s) via the Internet from such devices as PCs and interactive kiosks.
To add more cash value, the user inserts a smart card into a PC/SC-compliant smart card reader. The user then accesses the participating financial institution’s Web site via a standard Web browser and selects the smart card revalue option. The application prompts the user for a smart card PIN and the amount of money the user wishes to add to the card’s purse. Pertinent account information is then securely read from the card and transmitted with the revalue request to the financial host for routing to the appropriate authorization network. If authorized, the cardholder’s account is debited or charged and the value loaded to the card’s purse. In addition to the revalue function, cardholders may also view purse balances and their last 10 transactions.
The availability of this new technology means that a user no longer needs to travel to a bank to load e-purse funds; the card can be revalued securely without the user ever having to leave home. The demand for this kind of convenience is evidenced by a new study from Killen & Associates which forecasts a smart card revaluing market of $26.5 billion by 2005.
“This advanced Internet-based technology that we have developed for SmartCity is a first, and it responds to a strong market need to provide the consumer with increased convenience, as well as security in electronic purse transactions,” said Bill Mangino, PTi’s president and chairman. “PTi remains committed to delivering these technological advances to our customers in anticipation of market demand.”
The Internet Revalue feature of SmartCity 4 will be demonstrated at CardTech/SecurTech `98 in Booth No. 1230. The show will be held at the Washington Convention Center in Washington D.C. from, April 28-30, 1998.
Pricing And Availability
The Internet Revalue feature of SmartCity 4 will be available in June 1998. Price varies according to customer’s existing SmartCity installation.
PTi is a leading supplier to systems integrators of smart card-based e-purse applications that can be used in combination with loyalty and other applications. It is headquartered in Middletown, CT, with a branch office in Moscow, Russia. Further information on the company can be found at: .Details