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Spendwallet

Physical electronic wallet that consolidates all your cards

Featured comment

Min Koo Kang@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.
SY@dbaesy12 · Business Developer, Spendwallet
Yeap! Spendwallet works if you can swipe (not insert) the ID to open the door.
Would you recommend Spendwallet to a friend?
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Min Koo Kang
Maker
@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.
SY
Maker
@dbaesy12 · Business Developer, Spendwallet
Yeap! Spendwallet works if you can swipe (not insert) the ID to open the door.
Ben Tossell@bentossell · Community Lead, Product Hunt
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 · Community Lead, Product Hunt
@_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 · Community Lead, Product Hunt
@moyaja true
Min Koo Kang
Maker
@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.
Min Koo Kang
Maker
@minkookevinkang · CEO, Spendwallet
@bentossell @moyaja @_jacksmith Spendwallet is different from our competitors in that Spendwallet simply works better. We have tested all available competitors in the market(Coin, Stratos, WocketWallet) and concluded that the method of swiping(rewritable magnetic stripe technology) cannot guarantee high reliability due to technological deficiency.
Jack Smith@_jacksmith · Serial Entrepreneur & Startup Adviser
@minkookevinkang best of luck, but other companies have tried this "imitated swipe" approach before and it hasn't worked well.
Jack Smith@_jacksmith · Serial Entrepreneur & Startup Adviser
it's unclear how this will work in scenarios like if you use it to pay at a restaurant. If give your card with the bill - what will the waitstaff do with something that needs a special method of paying (can't be swiped and isn't nfc)?
Min Koo Kang
Maker
@minkookevinkang · CEO, Spendwallet
@_jacksmith Could you provide us some examples of companies that tried to "imitate swipe"? Our technology enables you to 'tap-to-pay' on existing magnetic card readers. I believe Samsung is the only other company that uses similar technology as ours. Thanks in advance!
Min Koo Kang
Maker
@minkookevinkang · CEO, Spendwallet
@_jacksmith In restaurants or stores where you have to hand over your Spendwallet, you can leverage the waiter mode. With this waiter mode, you can lock onto one specific card on Spendwallet, and hand it over to the waiter or cashier. They only have to bring the device near the card reader to make it work. You can easily disable the waiter mode after payment using your app or tap code on the device.
Cliff Dailey@cliffdailey · I make things.
@minkookevinkang Great product Min! @_jacksmith *crickets*
Justin Mitchell@itsthisjustin · Designing Products at Sofriendly.com
@_jacksmith not just NFC. Has wireless magnetic stripe. Which is something we developed at Wocket Wallet as well. It's interesting to see this product be announced now though as the payments landscape has shifted significantly since I first brought Wocket to market
Derek Petersen@tuxracer · Lyft
@_jacksmith @minkookevinkang Samsung's latest Galaxy phones support this for Samsung Pay. It works perfectly on my S7. Obviously haven't tried Spendwallet's version but Samsung has proved this can be done and work well. Sometimes the store clerks are quick to stop me saying, "Oh we don't support Apple Pay yet" but then it works and I'm done :) Really hoping Apple will add this technology to a future iPhone. Seems new tech doesn't exist until Apple adds it to iPhones a few years later.
Mario Fraiß@mfraiss · CEO, Founder and innovative Thinker.
@minkookevinkang @bentossell @_jacksmith From the perspective that you try to introduce a completely new wireless technology into a slow moving and hard market, generally spoken the retail/sales and restaurants market, despite the fact that there is not only the need to buy new payment devices but also the need to adapt the payment and retailer systems I would really recommend you to overthink the strategy not building upon NFC. Bear in mind that even big players like Visa and MasterCard are struggling concerning the introduction of new wireless payment devices. Nevertheless the product idea is nice and the design is georgeous.
Jack Smith@_jacksmith · Serial Entrepreneur & Startup Adviser
@callan752 @minkookevinkang yeah, looppay have done it and some others from what I can recollect, can't remember off the top of my head. @minkookevinkang : one bit that could create confusion around your non-use of NFC, is that for the 'Tap-to-pay' icon in this diagram: https://goo.gl/HjvKQa you're using the NFC contactless payment symbol: (via support.apple.com/library/content/dam/edam/applecare/images/en_US/applepay/contactless_payment_reader.png )
Hal Gottfried@hgottfried · Founder, Level Up Labs
@minkookevinkang so it's like Plastic then, they say almost the same thing when describing how their product works
Derek Petersen@tuxracer · Lyft
@mfraiss There isn't a need to buy new payment devices. Existing payment devices are "tricked" into thinking a card was physically swiped. So long as the payment device supports physical swiping of credit cards, then it will work with this type of technology. Samsung has implemented this in their phones and it works quite well. Retailers need to do nothing.
Eric Lobdell@selamefekili · Creative Director / Designer
@moyaja wrong coin. @bentossell meant this coin: https://onlycoin.com
Michael Mroz@mroz_io · Software Engineer, Atlassian
@minkookevinkang @_jacksmith That's really cool. I was imagining that this would simply be a shortfalling of the first release.
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 Kang
Maker
@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 Kang
Maker
@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 Kang
Maker
@minkookevinkang · CEO, Spendwallet
@umitakcn Thank you! :D