ScramCard’s DaVinci £75 Mastercard readies for launch-will it succeed where $100 Coin failed?

14 November 2017

Published in Verdict

ScramCard has been in the offing for some time. Now it is attracting consumer press attention with the impending launch of its anti-fraud payment card, dubbed DaVinci.

The electronic card generates a one-time PIN for use when paying in-store, online or at ATMs for cash withdrawal.

And comes at a cost to consumers of £75.

We seem to have been here before. Once heavily touted US start-up Coin enabled customers to scan multiple cards into a single card and came with a $100 price tag.

Consumers baulked at the price tag. Coin ultimately failed to live up to its hype and was sold to wearables tech outfit Fitbit – but not for its Coin Developer Programme, axed by Fitbit.

Good luck to ScramCard. The price tag will be a challenge to sell to consumers. As for selling its user experience: cardholders wanting to make a purchase in-store will need to first, press a button to select which linked card to the ScramCard they wise to utilise. Then select the POS button. Then enter the DaVinci card PIN. This then generates a one-time code.

That is then entered into the POS terminal. That process coupled with the price tag will turn off a lot of consumers.

ScramCard founder is Simon Hewitt, former head of security at Australian lender Westpac.

He said: ““I’ve seen first-hand how easily people fall victim to fraud, and even if the money is returned, it’s a huge hassle and leaves people in the lurch with their personal finances. Our proposition is simple; work with us to cut financial fraud out of your wallet.”

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