PulseWallet allows you to pay with your veins!
January 9 2014 |
There is a growing shift towards the use of biometrics to support both login and transaction verification and PulseWallet is leading the charge with a credit card processing terminal and register with a built-in biometric palm reader.
We recently wrote about Emerging Wocket and Coin Platforms for Credit Card Processing and Beyond and it seems barely two months later they may be in danger of obsolescence; with PulseWallet, you are your wallet!
PulseWallet uses a highly reliable biometric authentication system based on palm vein pattern recognition technology from Fujitsu. The PalmSecure-enabled terminals link the consumer's palm to a personal digital wallet that electronically tracks and stores receipts and coupons at the point-of-sale. According to the vendor, registration at any PulseWallet terminal takes less than one minute and authentication takes less than one second.
Concerns about security continue to be the most-cited reason for consumers' reluctance to adopt mobile payments. Since veins are internal in the body and have numerous differentiating features, fraudulent attempts to forge an identity are extremely difficult. Perhaps this added layer of security may be what finally convinces consumers to migrate to mobile payments!
While it is unlikely that biometrics will usurp legacy payment methods, there are undeniable benefits. Contactless authentication is hygienic and non-invasive, incidents of identity theft are more unlikely and it eliminates the need for carrying bulky wallets with cash and credit cards. There is also less time spent at the point-of-sale with faster transactions and potentially cheaper processing costs for merchants.
That being said, however, as with any system that accesses sensitive information, it remains only as secure as the associated databases and transactions. Stay tuned for more on the future of biometric payments.