The journey toward a cashless society has gained one big step ahead as we welcome the latest biometrics program partnership between Nexus USA and the South Dakota School of Mines & Technology. This technology points towards a cashless society doing away with cash, credit cards, IDs or even passwords. It is called the Nexus Smart Pay system and payment can be done with a simple scan of the finger. Currently, it is being used in a pilot program by 50 students and four faculty members on campus.
Instead of using cash or credit cards, payment can be done by swiping the index finger through an electronic device, the size of a credit card machine. Riding on technological advancement, the system uses a patented technology called Biocryptology. This allows fool-proof scans of 60 points that goes beyond a fingerprint, reading seven layers deep into the skin. With the patented technology, it turns each finger scan into a series of valueless number. After identification is confirmed, subjects are able to access money in the account associated by their biometric data.
Besides scanning, the system also detects hemoglobin in the skin to confirm for live subject. This heightens the security aspect, making it seemingly impossible for another person to use the same fingerprint. With its dual advantages of convenience and strong security measures, parents will be delighted to find out that their children can be added into their accounts with pre-determined spending limits for the purpose of monitoring expenditure.
Indeed, a cashless society is almost here!
Please read full article here
Join us at Cards & Payments Asia where Chris Skinner, Chief Executive of Balatro Ltd will be sharing on “Branchless banking and a cashless society: Fact or Fiction?” from 24-25 April 2013 at Marina Bay Sands, Singapore. Download our brochure to find out more.