First of all, the key is the perfect replacement for credit cars (and by “perfect” we actually mean that it could entirely take the place of credit cards, allowing you to make electronic payments in no time). Paying for your car petrol, parking or road tolls has never been easier because the multifunctional key helps you do all of them, without the need for cash or credit cars.
“The transformation of a car key into a credit card goes beyond the limitation of traditional payment possibilities and is a natural evolution to improve car owners' payment experiences. Innovative smart card solutions from NXP provide the security, the flexibility and the performance to support the growing industry demand for different form factors in payment applications, such as car keys, key fobs, watches or Near Field Communication-enabled mobile phones, to enhance the lifestyles of consumers,” said Marc de Jong, executive vice president, business unit automotive and identification, NXP Semiconductors.
Although it sounds like a brilliant idea that could easily replace your whole wallet, there's still a major risk that may convince people to stick with traditional payment methods. What if you lose the key or worse, what if somebody steals the multifunctional key and tries to make payments with it? It would probably act like a regular credit card, allowing you to call an emergency service to restrict the access but since it's the world's first multifunctional key, doing it maybe be a lot more difficult than it sounds.
Google News