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Blog: Make Biometric Payments With This New Smart Wallet (No Internet Required…)

06/03/2015

Mobile commerce is growing incredibly fast, with consumers becoming ever more familiar and comfortable with shopping on their mobile devices. However, safety and security remains a huge issue. As such, shoppers are very much open to exploring new technologies, which make shopping online and via mobile a lot easier, safer and secure – so ultimately a lot more convenient!

NXT-ID, a biometric and security technology development company, have latched on to this idea and as a result, developed what they are calling “the very first smart wallet – Wocket”.

The concept behind Wocket is simple; it stores all of its user’s card information but does not need an internet connection or unsecure data transfer method in order to be used. Card data is encrypted onto the device with a “tamper-proof chip”, something which basically, NXT-ID states, makes Wocket like a “mini-safe”.

Many will have experienced the horrific feeling of terror when the realisation hits that a wallet or purse is missing. All that personal information and financial data lost! However, with the introduction of Wocket, NXT-ID believes that consumers no longer need to be concerned. Wocket is not just designed to replace the credit and debit card aspect of a physical wallet, but the wallet itself.

This “smart wallet” is designed to store most cards, from credit and debit cards, to gift vouchers, loyalty cards, vouchers, as well as tickets. Its capacity is also huge since it is able to store up to 10, 000 cards at a single time! This means that Wocket can be used in most places; essentially anywhere that takes card as a method of payment.

So, what makes Wocket different? After all there are a lot of e-wallet type technologies out there on the market developed by companies that are perhaps more well-known than NXT-ID.

The most innovative and impressive component of Wocket, and one that is sure to impress consumers, is that it can only be used when it has been approved by its user bio-metrically, i.e. by the user’s voice.

This means that payments will only be authorised once the user’s voice has been detected, therefore making Wocket worthless to thieves, especially when taking into account the tamper-proof chip, as well as the encrypted data on the device. Stealing Wocket just won’t be worth the effort – which is obviously a huge advantage for consumers.

Consumers will always be concerned about payment security, however, it seems that Wocket may just provide a revolutionary solution to helping decrease online payment fraud, as well as offering consumers an extremely easy, simple and convenient payment method.

Online fraud is always going to be an issue, however, with companies like NXT-ID ready and willing to make innovative new developments in payment technology, and with consumers fully prepared to test and adopt these new technologies, we can safely determine that new tech is going to be an ever-increasing part of the payment landscape. And what an exciting landscape it is turning out to be!