The other end has a turning-knob that allows one to choose the appropriate Credit Card to be swiped. The display on the device reflects an identical copy of the CC front, while the strip on the back mimics a CC’s magnetic strip. Once the transaction is completed, the receipt generated is displayed on the device (no paper receipt) and the info gets stored on the memory card.
The concept is pretty clear in what it wants to achieve, namely combine all cards that a person uses under one umbrella, reduce generation of paper/plastic trash, identity security etc. The only block is the compatibility with various banks and the willingness of people to rely on a gadget for daily CC transactions. Yes, we do use online, virtual services, but something like this is quite different.