With the rapid rise in mobile commerce and
online shopping habits, the consumers are increasingly looking for easier,
safer and more convenient ways to pay on the go. Last week, NXT-ID Inc introduced,
what they called, the very first smart wallet – ‘’Wocket’’.
Many people are familiar with the terrifying feeling they might experience if they lose their wallets or bags with all the cards and personal information contained therein, but that, NXT-ID promises, will no longer be an issue.
The very first smart wallet, stores all the
card’s information, but does not require any internet connection or unsecured
data transfer to use, as all the information is encrypted on the standalone
device. In fact, it is designed to store virtually any card, including credit/debit
cards, ATM, gift vouchers, loyalty cards, coupons, tickets and others and it
can store up to 10, 000 at a time.
The information is not stored on a cloud but on the actual device, or rather, as NTX-ID calls it ‘’a tamper-proof chip’’ making a Wocket a ‘’mini-safe’’ in user’s pocket. In addition, Wocket isn't looking to just replace credit cards, but an entire need for a physical wallet.
The most revolutionary aspect of Wocket, however, is that it can only work with a user’s bio metric stamp of approval; in this case, their voice. The only way to conduct the payments is for the user to use the voice authorization, making it that much safer. For thieves, Wocket will be worthless as they will not be able to make payments without the owner’s bio metric signature and with the encrypted information and a ‘tamper-proof chip’, the payment security might have reached new heights for consumers.
The users will have the option of installing firmware on the device via their smart phone, however, the encrypted sensitive information is never transferred between the devices and it remains encrypted on the Wocket at all times.
Following the many efforts to curtail the fraud on the internet, the physical payment security options have fallen behind. Wocket might prove the revolutionary payment system as it cleverly combines ease of use, convenience and security to create a brand new way in which consumers make payments.