Touch, Touch, Touch:New Technology in Forms of Payment
Kendra Turner
10/31/05
Business & Technology
Business & Technology
Pay By Touch allows customers to do just that--pay for purchases or cash checks with just the touch of a finger.
The finger is the most unique form of identification people possess because it cannot be copied or stolen. With Pay By Touch, a customers' finger links them to bank and credit card accounts by using a simple process of finger scanning at the point of sale, eliminating the need to carry cards, checks or cash.
"The motivation for starting and pursuing this kind of business is a greater need for secure transactions," said Tara Rayder, senior marketing manager of the California-based company.
Pay By Touch, which established in 2002, allows customers to create a "wallet" that contains all personal information and holds financial account information. Customers may enroll as many accounts as they want. All the information in a customer's Pay By Touch wallet is encrypted and stored at secure IBM data centers, which retailers never access to for marketing purposes.
Customers can also store their shopper's club cards and membership cards and be able to receive points and discounts.
After a quick one-time sign-up, the customer puts their finger on a scanner and enters a seven-digit search number. The system then recognizes available ways to pay.
The Pay By Touch eCheck system allows customers to pay using a direct link to their checking account without having to use any id or pin number. Customers can also get cash back as they would with a debit card, as well as cash government or payroll checks.
Some Howard students like the idea of convenience Pay By Touch offers.
"Having a whole lot of cards just leaves it out there for fraud and other things to happen," said senior history and political science major Ronnie Lewis.
Other students are skeptical of the new technology.
"I think it would be difficult for them to fingerprint everybody...There could be a lot of glitches and mix-ups," said sophomore biology major Eboni Santos. "It all depends on how the technology works."
The finger is the most unique form of identification people possess because it cannot be copied or stolen. With Pay By Touch, a customers' finger links them to bank and credit card accounts by using a simple process of finger scanning at the point of sale, eliminating the need to carry cards, checks or cash.
"The motivation for starting and pursuing this kind of business is a greater need for secure transactions," said Tara Rayder, senior marketing manager of the California-based company.
Pay By Touch, which established in 2002, allows customers to create a "wallet" that contains all personal information and holds financial account information. Customers may enroll as many accounts as they want. All the information in a customer's Pay By Touch wallet is encrypted and stored at secure IBM data centers, which retailers never access to for marketing purposes.
Customers can also store their shopper's club cards and membership cards and be able to receive points and discounts.
After a quick one-time sign-up, the customer puts their finger on a scanner and enters a seven-digit search number. The system then recognizes available ways to pay.
The Pay By Touch eCheck system allows customers to pay using a direct link to their checking account without having to use any id or pin number. Customers can also get cash back as they would with a debit card, as well as cash government or payroll checks.
Some Howard students like the idea of convenience Pay By Touch offers.
"Having a whole lot of cards just leaves it out there for fraud and other things to happen," said senior history and political science major Ronnie Lewis.
Other students are skeptical of the new technology.
"I think it would be difficult for them to fingerprint everybody...There could be a lot of glitches and mix-ups," said sophomore biology major Eboni Santos. "It all depends on how the technology works."