Recently, NXT-ID, a biometrics company with its eye on the mobile commerce market, announced that it has submitted a patent application for technology described as a “Method for replacing traditional payment and identity management systems and components to provide additional security and a device implementing said method.”
According to NXT-ID, this patent forms the foundation to the company’s strong authentication enabled mobile wallet known as the Wocket. This is another solution in a long string of next generation payment methods that choose to do away with easily compromised PIN-protected physical transaction technology.
Until this sort of innovative idea started to show up, mCommerce was a term reserved for online transactions made from a smartphone or tablet. Now, thanks to the Wocket, the term is broadening to not only include physical in store sales via smartphone, but also encompassing mobile and wearable technologies that go beyond the more common mobile devices.
“We offer an alternative solution to those who do not wish to give up their wallet and market studies show that represents a significant portion of the population,” says NXT-ID CEO Gino Pereira. “We offer the modern wallet an electronic vault that is actually part of the wallet, securely protecting private information accessible only by the user via biometric enabled multi-factor authentication. What is unique about this invention is that it secures private information found within a typical wallet, such as credit cards, debit cards, identification information, medical information and records and makes this private information available to owners via an interface made so simple that anyone can use it as they would use their wallet today.”
When leveraged with the NXTCard, the Wocket will allow for multiple in-wallet items such as credit cards to transact through the use of a single, biometrically locked magnetic stripe solution.
One thing is sure in the rapidly transforming world of payment technology: over the next few years the way we pay will not only be more secure and convenient, but also revolutionizing in the ways customers interact with vendors.