CES – Las Vegas – Citi and Dynamics Inc. announced today their plans for Dynamics’ Card 2.0® technology – the 2011 International Consumer Electronics Show (CES) Best of Innovations Winner for Personal Electronics – to power a new Citi credit card, the Citi ThankYou(SM) Prestige 2G Card, which Citi intends to pilot later this year. The Citi ThankYou Prestige 2G Card is part of the new Citi ThankYou credit card suite that Citi is launching this week.
Citi, a leading innovator in cards and payment technologies, is currently conducting a pilot of the Dynamics’ Card 2.0® technology with a selected group of its existing customers. The Citi ThankYou Prestige 2G Card pilot card will feature two buttons on the front of the card that allows customers a new way to redeem reward points with the push of a button at the time of checkout. Cardmembers have two options with the new Citi 2G cards: if they select the button "Regular Credit," they can pay for their purchase with credit as they normally would, or they can select the "Request Rewards" button that would allow them to request to redeem points or cash rewards with a simple swipe of the card. When the cardholder presses one of the buttons, the card is activated, and the corresponding light will turn on to confirm the option selected.
"We congratulate Dynamics on the significant recognition of winning ‘Best of Innovations’ at the 2011 International Consumer Electronics Show," said Terry O'Neil, Executive Vice President of Citi's North America Credit Card division. "It is a terrific accomplishment, the first time a payments technology has received this coveted consumer award. We’re also excited that Citi is the first issuer to offer this award-winning technology that delivers greater choice and flexibility at the point-of-sale to our customers and reflects our continued investment in our cardmembers and the customer experience."
"The Best of Innovations win at CES is Citi's achievement as much as it is Dynamics," said Jeff Mullen, CEO of Dynamics. "In order to deliver a groundbreaking consumer experience at the point of sale, an unprecedented level of innovation had to occur on Citi's backend processing systems. Dynamics is just getting started and will continue to deliver new innovations that offer unprecedented value across the entire ecosystem."
Dynamics is exhibiting at CES in the Las Vegas Convention Center, South Hall 2, Ground Level at booth 26133 and will be a featured exhibitor at the CES Tweetup on Friday, Jan. 7, 4 p.m. – 7 p.m. PT at the Las Vegas Hilton. More information on Dynamics, its technology, applications and card images can be found at www.poweredcards.com.
For more information on Citi ThankYou Cards, go to thankyoucard.citi.com. To view a video on Citi ThankYou Cards and download b-roll, soundbites from Terry O'Neil or card images, go to http://tmgpr.com/MNR/CitiThankYouCards/index.html.
About Dynamics’ Technology
Countless applications can be realized with the Card 2.0® platform technology and are referred to as Payments 2.0® applications. Payments 2.0® applications include:
Dynamics Inc. was founded and seeded in 2007 by Jeff Mullen, its CEO. Dynamics produces and manufactures intelligent powered cards such as advanced payment cards. Focused on introducing fast-cycle innovation to top card issuers, the company's first commercial application is the world's first fully card-programmable magnetic stripe for use in next-generation payment cards. The company has won many of the world's most prestigious international business plan competitions, including the Rice Business Plan Competition, Carnegie Mellon McGinnis Venture Competition and the University of San Francisco Business Plan Competition. The company recently won DEMOgod and the $1M People's Choice Award at Demo Fall 2010 and Best of Show at FinovateFall 2010. Dynamics is backed by Adams Capital Management and is headquartered in Pittsburgh, Pa., with offices in Silicon Valley and New York City.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.