This is a smart mobile wallet for payment that can bean be from any magnetic card reader. It is called ‘Spendwallet’ and was developed in-house with ‘MFE: Magnetic Flux Emulation’.
Because it stores digitized card, it can store up to 20 sheets of checks and credit cards, loyalty cards, and payment cards. You can select the card through the display on the touch screen.
Currently, ‘Spendwallet’ is expected to be going into mass production after achieving their crowdfunding goals. Also they will have the plan to start selling on Amazon and E-Bay market this year.
‘X Engineering’ attended the ‘MWC 2016‘ at Barcelona, Spain and announced the Spendwallet.
X Engineering is a sort of start-up company in the IOT industry and was incubated by NEOFLY Center (Center for Gwon yong-gil) of Neowiz Games.
They consists of a professional developers from Qualcomm Technologies, LG Electronics, and Cisco origin.
Last December, ‘X Engineering’ was selected as an excellent fin-tech start-up from the ‘Ministry of Science, ICT and Future Planning’, and the ‘Korea Internet & Security Agency’.
Currently, they are being supported after being selected as the fin-tech start-up of the IBK Bank.