ONE Card - One Smart Card to Replace All of Your Cards

Category: Technology

A West Conshohocken-based technology company is launching a new product that will lighten your wallet. A Ciright affiliate made its ONE card available for consumers to order Wednesday, adding its consolidated credit card to a market where a few other similar products – like Coin, Stratos and Plastc – already exist. The ONE card allows consumers to put all of their credit, debit, gift, membership and loyalty cards on one piece of plastic. Customers, who become members with a $99 yearly subscription or $169 for two years, are provided with a card reader that attaches to their smartphone. Once they swipe, the card's information is stored on the cloud, which can hold an unlimited number of cards. ONE holds four at any given time, and the user can switch between the four by tapping the card with their finger. They can also change which four cards are readily available with a smartphone app. Ciright CEO Joseph Callahan recognizes the field has other players, but he says the ONE card distinguishes itself from its competitors. To start, it has several patents. "Our patent is broader than anyone's," Callahan said. "To program a ONE card from a smartphone, over [near field communication] or [Bluetooth Low Energy], that is our patent and that is the first patent issued in the space." The all-in-one card has been in development for five years and the one coming to market is Ciright's fourth iteration, a contrast from the well-known Coin, which had a remarkably successful crowdfunding campaign before introducing its product. ONE is also connecting with banks, like locally based Royal Bank, so the financial centers can introduce the card to their customers along with Ciright's efforts to connect directly with consumers. "Most people don't know Royal Bank, but most have a Bank of America Visa or Mastercard," Callahan explained. "If Royal Bank gives you the card, you can load your Bank of America card on it and then it empowers these local, small community banks to have a differentiator to compete with the big banks." Callahan also touts the history of Ciright as a reason ONE stands out in the crowded field. The local company got its start in 1993. It has spent most of the past two decades developing and offering proprietary cloud-computing systems for businesses. The ONE card is part of a decision to build a global brand, said Callahan, who added Ciright wanted a product for consumers to help spur that growth. Despite Callahan's confidence, some industry experts remain unconvinced of the viability of ONE, and the all-in-one credit card in general. "I'm a bit skeptical of consumer adoption," said Julie Conroy, research director for Aite Group's retail banking practice. "For consumers, the payment process isn't broken – carrying multiple cards is not difficult, and because consumers don't bear liability for fraud losses, even the rising tide of data breaches is more nuisance than anything else." She described the product as "a bit of a solution in search of a problem." Regardless, Callahan says the shift in how consumers handle finances – less cash transactions and the flood of cards, including gift and loyalty shoppers now deal with – means there is a future for ONE.