Dynamics, Inc., a Pittsburgh-based intelligent payment device and payment platform provider has secured $70 million in funding and finalized partnerships with MasterCard and Canadian Imperial Bank of Commerce (CIBC) for its next-generation interactive payment card.

While the United States is buzzing about credit cards' conversion from magnetic stripe to EMV chip cards, Dynamics has been working on interactive cards that allow cardholders to choose between different types of functionalities.

Dynamics card product is known as the ePlate. This card looks like a standard issue credit card, but it has two extra buttons, a way to unlock the card to enable payment and a CVC2 generator.

When not in use, the card stays locked. When a user unlocks the card, the full account number appears and the magnetic stripe is activated so the user can use it to purchase items. Each card can allow for two different methods of payments, which can be determined by the type of card the user has. Users could have buttons to select credit or debit. They could choose between using MasterCard's credit or a local network. They could opt to use credit and earn rewards or pay with rewards. They could even differentiate between two currencies, which is helpful for users that travel between countries often. Additionally, users could create a new CVC2 code, the code located on the back of the card, for every online purchase they make.

This interactive payment technology platform has gotten a lot of interest around the world, and in order to be able to expand its manufacturing operations and increase its technical capabilities and the types of products it offers, Dynamics has recently closed $70 million in Series C funding, and in doing so, has two new investors in its product. MasterCard and CIBC have agreed to fund the company along with previous investors Bain Capital Ventures and Adams Capital Management.

"We have successfully brought to market the only offering that provides banks with interactive functionality on the physical card and we are doing it as a young, growing player in an extremely established marketplace. Consumers can now enjoy additional value whenever they make a purchase simply by pressing a button on their card," said Jeff Mullen, chief executive officer, Dynamics, in a statement. "Combined with the expertise from industry leaders such as MasterCard and CIBC, consumers will continue to see exciting new products from Dynamics both domestically and internationally."

Additionally, MasterCard announced an innovation partnership with Dynamics in which the credit card giant will be able to offer exclusive Dynamics cards to its issuers around the world.

MasterCard plans on working with Dynamics to develop new secure products that cardholders can obtain and use around the world.

"We see a future where every device becomes a commerce device. This not only includes a shift to mobile-based payments, but also a move from 'static' plastic to 'dynamic' interactive payment cards and systems," said Carlos Menendez, group executive, Global Credit and Debit Products, MasterCard, in a statement. "Our partnership with Dynamics will further enable us to provide our customers with new, best-in-class solutions to meet the increasingly sophisticated and digital needs of consumers across the globe."

"Interactive payment cards give cardholders an unprecedented level of customization, control, and security at each and every purchase at any point-of-sale device in the world," said Mullen in a separate statement. "With interactive payment cards, banks can expand card offerings by providing cardholders with several additional on-card payment options that cardholders can select at each purchase. By giving consumers easy access to additional options, banks can enable several business models on a single card while building brand and an enhanced cardholder relationship with each purchase."

"The partnership with MasterCard means they've likely cleared a lot of the technical and regulatory hurdles that face new technology," said Ben Jackson, director of the prepaid advisory service at Mercator Advisory Group. Being able to switch over from credit or debit or prepaid to rewards will make those programs more valuable because they'll offer instant access to the rewards for the customer."