New smart wallet requires a biometric signature to make payments

With the rapid rise in mobile commerce andonline 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 ifthey lose their wallets or bags with all the cards and personal informationcontained therein, but that, NXT-ID promises, will no longer be an issue.

The very first smart wallet, stores all thecard’s information, but does not require any internet connection or unsecureddata transfer to use, as all the information is encrypted on the standalonedevice. In fact, it is designed to store virtually any card, including credit/debitcards, ATM, gift vouchers, loyalty cards, coupons, tickets and others and itcan 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’’ inuser’s pocket. In addition, Wocket isn't looking to just replace credit cards,but an entire need for a physical wallet.

The Wocket can be used to make a payment at virtually any vendor that acceptscards.

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 theuser to use the voice authorization, making it that much safer. For thieves, Wocketwill be worthless as they will not be able to make payments without the owner’sbio 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 ofinstalling firmware on the device via their smart phone, however, the encryptedsensitive information is never transferred between the devices and it remains encryptedon the Wocket at all times.

Following the many efforts to curtail thefraud on the internet, the physical payment security options have fallenbehind. Wocket might prove the revolutionary payment system as it cleverlycombines ease of use, convenience and security to create a brand new way inwhich consumers make payments.