Dynamics Extends Product Offering Beyond Interactive Cards To Mobile
SEOUL, South Korea–(BUSINESS WIRE)–Dynamics Inc., an innovator in next-generation payment systems, is proud
to announce the incorporation of its proprietary Wireless Magnetic
Communication (WMC) technology into the mobile payment strategy of LG
Electronics. The game-changing technology revolutionizes mobile payments
by allowing LG mobile phones to wirelessly communicate traditional
magnetic stripe information directly to traditional magnetic stripe
readers. An early version of the company’s WMC technology will be
featured on the LG G6 in certain markets with a more advanced version of
Dynamics Inc.’s system to appear more widely next year.
“Dynamics has been building wireless magnetic communication solutions
for nearly a decade and is widely considered the founder of the
programmable magnetic stripe industry. Dynamics’ best-in-breed
technology will help LG Pay reach hundreds of millions of new payment
environments,” stated Jeff Mullen, Dynamics Inc., CEO.
“We are pleased to partner with Dynamics who has the most advanced
technology and intellectual property in the field of mobile payments,”
said Kim Hong-joo, Vice President of product planning at LG Electronics’
Mobile Communications Company. “In our effort to offer more benefits to
consumers, we have designed LG Pay to meet the needs of our customers
who want to be able to make purchases with their smartphones.”
The corresponding LGE press release is located at http://social.lge.co.kr/lg_story2/lg_g6_lgpay/
How Dynamics’ Wireless Magnetic Communication
(WMC) technology works
Wireless Magnetic Communications (WMC) technology allows any portable
device to generate wireless magnetic data pulses that can be transmitted
over-the-air to traditional magnetic stripe readers. With WMC
technology, any standard credit or debit card can be loaded into any
device and used to make a payment at virtually any point-of-sale
terminal. To make a purchase, a consumer simply selects to make a
purchase with a particular payment card on their device. The consumer
then places the device within the proximity of a payment card reader.
The WMC technology will wirelessly communicate magnetic stripe data
associated with the selected card to the payment card reader. The
transaction will utilize the standard payment infrastructure to
authorize the transaction for that selected card.
About Dynamics Inc.
Dynamics Inc. designs and manufactures interactive battery-powered
payment cards and advanced payment platforms. Dynamics’ various
technologies span hundreds of pending and issued patents. The company
has won numerous awards including the $1M DEMO People’s Choice Award and
2012 International CES Best in Show Award for Personal Electronics.
Dynamics has received the Finovate Best of Show award on seven occasions
and the Cartes Sesames Best of Show award on two occasions. Dynamics has
raised $110 million from investors including MasterCard, CIBC, Adams
Capital Management, and Bain Capital Ventures. For more information,
Kyle Kunkle, 724-274-6484 x173