Payment technology is turning people into vital wallets

Taking the concept of “industrial pinhole” to a whole other level, payments innovators want to familiarize yourself with – yes, literally – a microchip that handles the bill with a nod.

No, not the gesture some of you might be imagining at this moment.

Giving new and potentially intimidating meaning to common phrases like “I lost my wallet”, it really is a step toward the next next normal when we part ways with hardware completely, approaching future singularity when we cause transactions to occur through sheer will.

Teens may argue that this actually works well without technical assistance. It’s called “constant sobbing” – a powerful force that enterprising companies want someone to produce as quickly as possible.

For now, it’s all about transplanting. The BBC reported in April that a colleague was walking around London with objects in one hand, and that hand held neither a stick nor a gun. Instead, it’s equipped with a microchip made by FinTech Walletmor implanted under the skin that, when synced with the eWallet app, can handle an actual batch.

The chip, which weighs less than a gram and the size of a grain of rice, requires no power supply, as it relies on Near Field Communications (NFC), wearable Purewrist and the iCard digital wallet.

Before anyone wakes up, ask yourself this question: “Does my pet have an RFID chip?” If yes, then you are already using a different type of this technique.

If your pet doesn’t have a chip, consider getting one, so you don’t end up losing a single valuable pet.

Besides, we’ve been dealing with this idea for years, albeit not in the subcutaneous form factors.

Bio means business

The Amazon One, introduced in 2020 and colloquially known as “palm pay,” is a biometrics scanning that recognizes your palm print and lets you pay by swiping your hand over a visual point of sale (POS).

On Wednesday (April 20), it was widely reported that Amazon One had been added to retail locations in Austin, Texas, bringing the total of US “palm-push” stores to the 100th range.

If it expands, then Amazon is the company that makes it happen. It’s still a big “if” though.

Biometrics is being put into legal action with governments around the world asking questions about all this identity data and how it can be misused or misused.

You might ask Elon Musk, the man who founded the PayPal company it is founded on, as well as some other well-known projects (Tesla, SpaceX), and could soon own Twitter.

A few years ago, Musk poured $100 million into a startup called Neuralink.

According to Neuralink, he designs “the first neural implant that allows you to control a computer or mobile device anywhere you go. Micron threads are inserted into the areas of the brain that control movement. Each thread contains many electrodes and connects them to an implant, the junction.” ”

We’ve heard rumors of engineers working to solve bugs and glitches, like people simply browsing social media ads for luxury SUVs — and waking up to find one in their driveway, delivered.

They will find out. It’s Elon.

You as a Payment (YaaP)

In any case, Musk is not alone in his quest for mind control over devices, vehicles, and money. While we’re at it, not everyone cares about the terminology that pops up around the idea.

Biometrics creators have been tinkering with this for years, as have the big tech owners behind thumbprint scanning and facial recognition on your phone. They like subtle language.

In March, John Miller, CEO of PopID, told PYMNTS, “We don’t use [term] “Facial Recognition” to describe our platform. We are using Face Verification. Recognition refers to technologies that actively poll people and watch people. Our technology requires you to first register on the platform. You sign up on your phone and say, “I want to be able to pay with my face.”

This is effectively digitizing what very attractive people have been doing for thousands of years – paying by the face. They are so amazing that just looking at them is a bonus of their own. There are ways to monetize that impact, but that’s another story for another time.

Which brings us back to the chip man in London. In fact, Walletmor says it’s sold about 500 implants, so you could stand next to one of these e-wallet electronics without knowing it.

Incidentally, the Walletmor website says, “It takes 15 minutes to insert the implant, and the procedure itself is minimally invasive and painless – it requires a simple incision using a local anesthetic.”

You can even do this with a body piercer. In fact, the more I learned, the cooler it seemed.

“The implants can be used to pay for a drink on the beach in Rio, a coffee in New York, or a haircut in Paris – or at a local grocery store,” Walletmor CEO Vojtek Baprota told the BBC. It can be used anywhere contactless payments are accepted.

This is more like that. Where do we sign? Looks like we should only be able to nod, but whatever.

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New PYMNTS data: The Future of Creditor Business Innovation Study – April 2022
Plastiq - The Future of Trade Payments Innovation: How New B2B Payment Options Can Change the Back Office of SMBs - April 2022 - Learn how integrated payment solutions can help businesses streamline B2B transactions and remove the administrative frictions of AP and AR
on: While more than half of SMEs believe that an all-in-one payment system can save time and improve visibility into cash flow, 56% think the solution may be difficult to integrate with existing AP and AR systems. The Payable Business Future Innovations Report, a collaboration between PYMNTS and Plastiq, surveyed 500 small and medium businesses with revenues between $500,000 and $100 million to explore how integrated solutions can exceed SME expectations and help future-proof their business.

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