Spendwallet is a smartwallet that consolidates credit, debit and gift cards onto one physical, electronic device. Spendwallet utilizes pulse emitting technology called magnetic flux emulation technology (MFE) which generates a magnetic field, making the card reader respond as if a card has been swiped. But instead of swiping, the users simply tap to finish their payment. The wallet can store up to 20 cards at a time and has a backside pocket for ID, cash, or anything that cannot be stored digitally on the device.
The wallet features bank level encryption, passcodes and automatic lock and data self-destruction mode when lost. Both Spendwallet and the users smartphone constantly monitor each others status through Bluetooth technology. Thus, the wallet can only be activated when it is near the users smartphone. If lost or stolen, Spendwallet automatically locks and data self-destructs.
To setup their Spendwallet users connect the included card reader to the headphone jack on their smartphone and swipe the payment cards through the reader to transfer the card data to the device.
X Lab is a fintech IoT startup inaugurated in February 2015 and uses self-developed magnetic flux emulation technology as well as three patent pending payment and security technologies.
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