CardSelect International, a provider of consulting services to the banking, telecommunications and smart card industries, announced this week that it has received a United States Patent for its “Gateway Apparatus for Designing and Issuing Multiple Application Cards”.
This invention essentially provides an Internet-based apparatus and method to link card issuers, service providers and consumers in the effort to create multiple applications from different vendors on one card. Services can include credit, debit and loyalty, which can be combined on virtual cards, magnetic stripe cards and/or smart cards. Applicants choose from a menu of services on a network, thereby generating a data file that is used to issue their personalized card.
According to Holger Mackenthun, president of CardSelect International, the Internet is changing the way customers purchase their goods and services, and as a result, card issuers must rethink the way they attract new customers. “Low interest rates on credit cards are no longer enough because there are too many offers out there and margins are squeezed to the limit,” Mackenthun says. “Tailored programs on the Internet that deliver added value to specific customers will achieve success, from which banks and merchants will benefit.”
CardSelect has developed a business strategy that parallels the growing trend in the industry to utilize the Internet to build vertical sales channels, thus bringing customers, service providers and card issuers together. When CardSelect’s plans to create an e-commerce network are fully implemented, customers will be able to customize their own preferred services and vendors on virtual cards or ones they receive through the mail. Other Internet developments for adding more value to cards include Citibank’s “CitiWallet” and the “KlickReward” program as well as the Internet credit card from NextCard, which allows personalized photos on cards.
About CardSelect International
Founded in 1997, CardSelect International (CSI) is a start-up organization that has developed a patented technology for personalizing and issuing financial transaction cards, credit cards, smart cards and multiple application cards over the Internet. Headquartered in the Great Valley Corporate Center near Philadelphia, PA, the company also provides a broad range of consulting services to the global banking, telecommunications and card industries. More information on CSI can be found on the company’s web site at [http://www.cardselect.com].