Spendwallet

Physical electronic wallet that consolidates all your cards

#3 Product of the DayMay 30, 2016

Reviews

Discussion

You need to become a Contributor to join the discussion - Find out how.
Min Koo KangMaker@minkookevinkang · CEO, Spendwallet
Thanks for featuring our product on Product Hunt! I am one of the makers of Spendwallet. We’ve been developing this product since early last year, and I would like to elaborate more on the problem we’ve wanted to solve. Problem: We carry our wallets along with our smartphones everyday. There have been numerous attempts to get rid of our wallets, but not a single solution could make this work yet. This was because most smartphones only support payments on NFC terminals, which can only be used in 5% of retail stores in the US. And after all, we were still forced to carry our wallets with us all the time to carry our ID, ATM card, and cash. Some companies tried to create all-in-one cards with rewritable magnetic stripe technology to combine all your cards. But we’ve concluded that this technology cannot guarantee a high reliability due to its deficiency of optimization. Most of them have been delaying their ship date, or failed to deliver products that actually work. Solution: Spendwallet’s Magnetic Flux Emulation(MFE) technology enables you to 'tap-to-pay' on existing magnetic card readers by generating magnetic fields to send transaction data over the air and make the card reader to respond as if a card has been swiped. With Spendwallet, we want to replace your wallet completely. First, it downsizes your wallet by digitally consolidating all your cards. With the backside card slot that fits up to 3 physical cards, you can also carry your ID, ATM cards, and cash with you all the time. It’s time for your heavy, thick traditional wallet to evolve into a smart digital wallet. Spendwallet is a real physical electronic wallet that digitally consolidates all your cards securely into one device.
Callan Christensen@callan752 · Sysadmin
@minkookevinkang Have you tested this with any access control system that use magstripes? Could I have my work ID on it so I can open doors? That would be huge for me.
SYMaker@dbaesy12 · Business Developer, Spendwallet
Yeap! Spendwallet works if you can swipe (not insert) the ID to open the door.
Ben Tossell@bentossell · Co-Founder, Token Daily
Similar to Coin - how is this better?
Mohammed Yassine@moyaja · diae.net
@bentossell Maybe it's an alternative to replace Coin since its future is unknown under Fitbit's umbrella? http://blog.onlycoin.com/coin-we...
Jack Smith@_jacksmith · Serial Entrepreneur & Startup Adviser
@bentossell difference looks to be that this is nfc only (i.e. Will only work where places where Apple Pay/android pay works)
Ben Tossell@bentossell · Co-Founder, Token Daily
@_jacksmith yeah which is pretty limiting - so seems strange to take that approach. So many places in the US still rely on the swipe
Ben Tossell@bentossell · Co-Founder, Token Daily
@moyaja true
Min Koo KangMaker@minkookevinkang · CEO, Spendwallet
@bentossell @_jacksmith Spendwallet does not operate using NFC. It uses magnetic fields to send transaction data over the air to make the card reader to respond as if a card has been swiped. So it works on all magnetic card readers that accept swiping action.
Myke J@mykecheckonetwo
@minkookevinkang how are you handling EMV (aka Chip and Pin) payments? I believe that was one of the major factors that caused Coin to fold. Also considering that your campaign goal was only 30k, how do you plan to facilitate production and distribution of your product? It seems to me that creating a piece of hardware and software intended to work globally and which requires multiple levels of security (i.e. PCI compliance, payment encryption etc.) as well as the cost of distributing hardware globally etc 30k seems....low.
Min Koo KangMaker@minkookevinkang · CEO, Spendwallet
@mykecheckonetwo Hey Myke, I am happy to inform you that it would still be possible to use Spendwallet in places where they require EMV chip payments. We have been preparing for the EMV shift since early this year. After having a partnership with card issuing companies in the near future, Spendwallet will support tokenized MFE, which creates a new temporary card number before every transaction. This makes Spendwallet as secure as regular EMV chip payment method. Card terminals in the market can tell whether the card being swiped has a chip on it or not. Using this information, if a person tries to swipe a card that has a chip, the terminal refuses to accept magnetic payment and requires you to pay with the chip on the card. However, with tokenized MFE, Spendwallet can bypass this chip requirement. You will still be able to pay with Spendwallet on magnetic stripe card terminals, even if the card added is a chipped card. The transaction will go through without any problem. We plan to support this feature by the time of delivery, but if that does not work out, we will provide a software update as soon as it is ready.
Hans Gerwitz@gerwitz · Founder, The Artificial
@minkookevinkang you may want to qualify that answer: here in Europe many terminals don't even have a magstripe reader. (Thankfully, most of these are being upgraded with NFC.)
Richard kim@cwrichardkim · dev | Google, privacy.com, Drift, twindr
just a few small suggestions! "Introducing True Electronic wallet." -> "Introducing The/A True Electronic *W*allet" (maybe "Truly" instead of "True") "(MFE) technology generates magnetic field, which makes the card reader to respond as if a card has been swiped" -> "(MFE) technology generates *a* magnetic field and the reader responds as if a card has been swiped"
Min Koo KangMaker@minkookevinkang · CEO, Spendwallet
@cwrichardkim Thank you for your feedback! We will make sure to fix those soon. :)
Umit Akcan@umitakcn · Designer, lives in 🇰🇷
I really like the design and good luck with indiegogo campaign 👍 👏
Min Koo KangMaker@minkookevinkang · CEO, Spendwallet
@umitakcn Thank you! :D