Fingerprint payment is the imminent solution to a cash and card free trade future, Biocryptology studies at the South Dakota School of Mines & Technology (SDSM&T) and Nexus USA revealed.
Research conducted on the human body as a biometric device lead to the discovery of technology, which has now been patented, that scans the finger into a series of valueless numbers which cannot be reproduced in any way.
SDSM&T is testing out the Nexus Smart Pay pilot with 50 students and four faculty members who deposit money into an account through biometric data association.
These ‘guinea pigs’ for the new finger trading revolution can transact in purchasing with a password-less flick of a finger.
“The convenience factor is huge. It’s safe, and I believe it’s going to accelerate fast. We’re in tune with the technology age. Look at how the fax went to email and then to our cell phones. Within three years we’ve gone from making calls to taking care of everything we need in our lives,” said Al Maas, President at Nexus USA.
“Advancing technology to transform lives is what we do at the School of Mines, and we are proud to be not only the first university but indeed the first organisation of any kind in the world to pilot this program,” said Dr Duane Hrncir, Acting President at SDSM&T.
Radio frequency allows the biocryptologic reading of skin deep encryption, compatible with physical and logical access.
Identity theft protection is another benefit of this system as it does not require extra identification proof and the essential procedures are performed on a personal basis under high security circumstances in a closed-off and uniquely encrypted environment.
“Nexus needed a place that was going to be technologically advanced enough to handle this and with a student population savvy enough. We hope they will give us some feedback on how to make this a better product and to find a better way to help market it. This is an innovative university, and we really need to show the world,” said Maas.