Forget You, NFC

When I think of two-in-one products, my mind quickly conjures up infomercials galore and a pair of shoes I once read about that also serve as a bottle opener. So when I came across Fifth Third Bancorp’s new card announcement today, I got a little jolt. Two-in-one specials don’t always have to be junk.

Called the Duo Card, Fifth Third’s new card does what its name implies: it serves as both debit and credit card for users. Fifth Third said it’s the first card issuer in the U.S. to combine the functionality in one plastic, and it works much like how both plastics work already. If using Duo as a debit, consumers select the debit option at POS and enter their PIN or withdraw money from their checking accounts at the ATM. If they want to use Duo as a credit card, then they pick that option at the POS and sign to complete the transaction. Every credit purchase is processed by MasterCard.

Clearly, Fifth Third still believes in developing products that are not centered on NFC-infused mobile devices, even as such payments have been the banking disruptor talk of the town for years now. Though the Duo seems to ignore the cellphone-as-wallet future, I still herald the card as innovative. We are probably at least five years away from digital wallets serving as the primary way consumers pay for things. That’s a way off. Having to carry one less card in my wallet today would certainly make me a more satisfied banking customer, and that’s what innovating within banking is all about.