The Edge Card is being developed and fully on track to meet our initial beta test goal of the end of the Q1. We are on track to developing a card that consolidates multiple payment cards and allows for the three main payment types: magstripe, EMV and NFC. Here are some of the latest updates:
We want to make it clear that building out a dynamic smart payment card has many engineering and technical challenges. We are placing numerous electrical components into a small and flexible card that will be compliant with ISO certification. It also has to work and withstand the everyday abuses that a normal credit card takes. Still, it is possible to make such a card and we are doing it. We recently reduced the number of components and made some significant engineering improvements. Stay tuned as we continue with our progress.
We are also excited to announce that the Edge Card app will feature the ability to exchange cryptocurrency for cash, which can be automatically deposited to an associated Visa or Mastercard through the upcoming Edge Card app. You can then use that to shop with the Edge Card. As the cryptocurrency market has heated up we are excited to give people an easy way to shop or make payments with their cryptocurrencies.
Acquisition of Plastc’s Assets
When we announced acquisition of Plastc’s assets in December, via a press release and subsequent newsletter, we received responses from many Plastc backers who were unclear about what the acquisition entailed. We want to be clear that we acquired only Plastc’s assets and not the company -- we are not carrying forward their brand and are not incorporating any of their technology. We are committed to provide a benefit to former Plastc customers, but we are not responsible for the obligation that Plastc had toward its pre-order customers.
So far, 7,644 people have signed up for our $50 Plastc discount, which is available to those who participated in the Plastc pre-order campaign. While a $50 price reduction may not seem like a lot, it represents significant revenue reduction for us -- it would be an estimated $4.5 million for 90,000 Plastc backers. Our goal is to help alleviate the frustration from Plastc’s failure and deliver the all-in-one payment card that people want. Unlike Plastc, we are NOT accepting any pre-order money until the Edge Card is fully developed and ready to ship. Our business model is entirely different.
We are working diligently to produce a dynamic, powerful smart payment card that people will love. We hope you stay updated with our progress and development of the Edge Card and can be a part of this exciting new fintech product once it’s fully developed.
All the best,
Peter Garrett, CEO of Edge Mobile Payments