CompoSecure Unveils New Payment Card Tech Innovations for 2023
The latest metal credit card designs “light up” the wallet of tomorrow and turn a payment card into a physical authentication token for enhanced security
CompoSecure Lux Glass™ Card
SOMERSET, N.J., Jan. 12, 2023 (GLOBE NEWSWIRE) — CompoSecure, Inc. (Nasdaq: CMPO), a leader in metal payment cards, security and authentication solutions, today unveiled new tech for consumer wallets in 2023. From metal credit cards that have a light-up LED when a transaction is approved at point of sale to the tokenization of a payment card for authentication, tomorrow’s premium metal payment cards can be smarter and sleeker than ever with ideas and looks from the CompoSecure Innovation Lab.
“Driving innovation means taking risks, pushing boundaries, and constantly striving for improvement. It requires a willingness to think outside the box and a determination to stay ahead of the competition. But most importantly, it requires a relentless focus on the needs of the customer and a drive to create value that will last for years to come,” said Jon Wilk, President and CEO of CompoSecure. “We are excited to introduce several new form factors as our partners continually seek elegant payment cards that deliver distinct experiences, enable brand differentiation, and enhance security.”
CompoSecure has provided breakthrough technology in metal payment card design for 20 years. As of January 2023, the Company had more than 55 U.S. and foreign patents issued and approximately 30 U.S. and foreign patent applications pending. Here is a look at the credit and debit card tech trends coming in 2023:
- LED Card – CompoSecure is already in pilot with an LED metal payment card. This unique card features the issuing bank logo on the face of the card, lighting up with LEDs when a contactless transaction is initiated at the point of sale. This card is expected to be available this year.
- Lux Glass™ Card – CompoSecure expects to be the first to manufacture a transparent payment card made of Corning® Gorilla® Glass. The card is durable enough for heavy use (e.g., it can be dropped, stepped on, sat on, spilled on and forgotten in the laundry, just like other cards), but it also has an elegant look and feel. This card design is expected to ship in the first half of the year.
- Echo Mirror™ Card – CompoSecure created a buffed stainless-steel payment card with a mirror-like finish. Protecting this card is a newly developed coating, providing scratch-resistant protection to maintain the beauty of the mirror finish. It also features laser and mechanical engraving, offering endless options for clean and crisp customization and personalization.
- Dynamic CVV – CompoSecure is now able to add dynamic CVV technology to metal cards. This security feature converts the 3-digit CVV code from a static number printed on the back of the card to one on a tiny e-ink screen that refreshes periodically. The cardholder must physically possess the card to have all the necessary information to make a purchase. This technology aims to fight the $32 billion payment card fraud crisis facing the industry.
- Arculus™ – In addition to being an award-winning cold storage hardware wallet, CompoSecure’s Arculus technology can also transform a metal card into a multifunctional device to support both payments and to act as a ‘tap-to-authenticate’ hardware key allowing for passwordless and hardware-based multi-factor authentication (MFA). Leveraging a familiar form factor (payment card) as an authentication key allows for frictionless user experiences, delivers improved customer security, and continues to enhance a card issuer’s brand. CompoSecure’s Arculus™ security and digital authentication solution is FIDO2 certified, and CompoSecure has obtained approval by Mastercard and Visa to produce payment cards with authentication capabilities.
To find out more about these innovations, visit www.composecure.com or you can contact a sales representative directly at www.composecure.com/contact.
About CompoSecure
Founded in 2000, CompoSecure (Nasdaq: CMPO) is a technology partner to market leaders, fintechs and consumers enabling trust for millions of people around the globe. The company combines elegance, simplicity and security to deliver exceptional experiences and peace of mind in the physical and digital world. CompoSecure’s innovative payment card technology and metal cards with Arculus security and authentication capabilities deliver unique, premium branded experiences, enable people to access and use their financial and digital assets, and ensure trust at the point of a transaction. For more information, please visit www.composecure.com and www.GetArculus.com.
Forward-Looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management. Although the Company believes that its plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning the Company’s possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. In some instances, these statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends” or the negatives of these terms or variations of them or similar terminology. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements which speak only as of the date hereof. You should understand that the following important factors, among others, could affect the Company’s future results and could cause those results or other outcomes to differ materially from those expressed or implied in the Company’s forward-looking statements: market acceptance of the Company’s product innovations; the outcome of any legal proceedings that may be instituted against the Company or others; the impacts of the ongoing COVID-19 pandemic; the ability of the Company to grow and manage growth profitably, maintain relationships with customers, compete within its industry and retain its key employees; the possibility that the Company may be adversely impacted by other economic conditions (including the rapidly evolving conflict between Russian and the Ukraine), business, and/or competitive factors; future exchange and interest rates; and other risks and uncertainties included under “Risk Factors” in Company filings that have been made or will be made with the Securities and Exchange Commission. The Company undertakes no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contact:
Wes Robinson
310.824.9000
[email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bb2206f3-1b08-4b43-a83b-9e012c5753c0
