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The new cards are created by Dynamics Inc., which is working on several other high-tech cards.CEO Jeff Mullen explained that the end of the magnetic strip has been mooted for years, but is still the dominant payment system in the world.Select the amount or item the customer wants to buy, and click on checkout.3. If card, the customer inserts the card and enters their PIN into the Yoco Wireless card reader.4.

'Even in Japan, where the infrastructure is in place and phones [which can make payments] have been distributed for seven years, the volume of phone payments is still significantly less than one per cent share of transactions.Todd Ablowitz, president of Denver-based Double Diamond Group, a consulting firm that focuses on payments strategy technologies and products told creditcards.com: ‘Although mobile payments is the future, you're not going to move all that overnight to magical phones.‘So these are step innovations, rather than leap innovations.A trial is currently ongoing and, if successful, it could roll out across the country.Over at Mastercard, the company has just released a card that has a small LCD screen which displays a one-time code which the customer can use to make an online purchase.