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This Michigan-based startup has devised a high-tech payment solution that, at first glance, looks like a traditional credit card. And that’s just the point; the Stratos Card was designed to combine the convenience and familiarity of a card with the powerful capabilities of a mobile wallet. Users can load the information from credit, debit, loyalty, gift and membership cards securely onto the Stratos Card— which features a micro-thin circuit board inside—by swiping the cards through a companion mag-stripe reader that connects to a smart- phone. Once cards are loaded, a user can make in-store payments by selecting which stored card to use by tapping a lighted sensor on the Stratos Card, then swiping the card just like any other payment card at the POS.
Enter Mobile
The companion mobile app is where the rubber meets the road, enabling a user’s smartphone to pair with the Stratos Card via Bluetooth to manage stored cards and deliver location-based card reminders. The pairing capability also serves a security function.
If the card is separated from a user’s phone for a user-specified length of time, the card will shut down and can’t be used.
Combining the power of mobile wallets with the convenience of a card for
a best-of-both-worlds payment experience.
Company co-founder and CEO Thiago Olson says linking a card and mobile device enables Stratos to offer its users the best of both worlds. “We wanted to combine a card—which is something we’re all used to carrying around—with a mobile device, which can serve as a great hub for messaging and card management.”
And unlike purely mobile wallets, which often only work on specific devices and only are accepted by merchants equipped with NFC technology, Stratos is usable anywhere a traditional payment card is accepted.
Since launching in March after two years of development, the Stratos Card has racked up thousands of customers. An annual fee of $95 covers replacement cards and free upgrades to forthcoming versions of the card. Future capabilities will include the ability to apply for and download cards directly from the cloud, along with EMV technology and building access. “We still see a lot of specific uses where a card format excels as the best option,” Olson notes.
SECrEt SauCE
Stratos is reinventing the wallet by consolidating debit, credit, loyalty and gift cards into one dynamic card that’s accepted at any mag-stripe POS terminal. Mobile app with real-time location or history-based suggestions, secure card lockdown and insights make for a superior customer experience.
GEttiNG tO KNOw
Stratos
Locations
Ann Arbor, Mich. and San Francisco
Organized
2012
Open for Business
Product announced in March 2015 and began shipping in April
Founders
Thiago Olson (CEO),
Chris Bartenstein (COO) and Henry Balanon (CTO)
Funding
More than $8 million in venture funding to date
Something You Might
Not Expect
Stratos recently won “Best of Show” at Finovate 2015 for its demo of the Stratos Digital Card Issuance Platform, which down- loads cards instantly, digitizing physical fulfillment for billions
of cards in the U.S.
volume 8 • fall 2015
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