Nobody wants to be in danger of losing their debit or credit cards. Even knowing one’s smartphone fell in the wrong hands is bad enough. At the moment several security methods are being developed. One of them is NXT-ID’s Wocket . It is described as a “smart wallet” that is meant to store electronic versions of your cards.
Wocket requires no smartphone or cloud connection. Moreover, it is sealed with a biometric seal. Although it is “smaller than a typical wallet,” it can be use to carry cash by adding an accessory. Wocket is powered by a coin cell battery.
In order to use the Wocket, the physical stripe cards must first be swiped into the wallet. The data is afterwards stored in the device’s memory. Cards that use barcodes can be scanned in. The device is able to host a maximum of 10,000 cards. In this way, you can place all your cards in a safe place and simply use Wocket.
With the touchscreen of the device, users are able to choose which card they want to use. To make Wocket even safer, identification is verified with a combination of biometrics and a PIN. The device later pairs with the merchant’s payment system. It does not need smartphone or internet access.
For debit and credit payments, users can also load the “dynamically programmable” card with the exact amount required. The card works like an ordinary one. You simply take it out of Wocket, use it and then put it back. After usage, it is automatically zeroed, thus becoming useless to anyone who might want to use it.
NXT-ID wishes to launch Wocket on the 28th of May. By that time, pricing and availability will be known. Would you buy such a device to store your credit cards?
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