Electronic payment has become a popular way for consumers to shop without having to schlep around a wallet full of credit cards to be used in multiple stores. But mobile payment via a smartphone doesn’t quite solve the problem because Apple Pay and Android Pay require NFC technology that can only be used in a relatively small number of U.S. retail stores. Phones can also ring while trying to pay for something with it or be damaged if the cashier drops it.
Spendwallet is a new alternative -– a slim, pocket-sized electronic payment device that consolidates up to 20 credit, debit and gift cards. It uses magnetic vibration technology like Samsung Pay. Spendwallet’s version of that tech is its self-developed Magnetic Flux Emulation (MFE). The device generates a magnetic field that makes a card reader respond as if a physical credit card is actually being swiped.