10/5/2005

Pay With A Fingerprint

Filed under: — By Aviran Mordo @ 6:36 pm

A San Francisco start-up, Pay By Touch Solutions, is expected to announce today $130 million in fresh financing for a novel way of paying for groceries and other goods and services: a machine that reads your fingerprint.

The capital raised — $55 million of it in convertible notes and $75 million in loans — will help the company build out its finger-reading payment systems at several nationwide retailers, including in California in the first quarter of next year.

The company has already rolled out its so-called “biometric” payment system in a “couple of hundred” stores, mostly on the East Coast.

Here’s how it works: Customers sign up once, by registering a checking account or a credit card, and showing government identification such as a driver’s license. The Pay by Touch technology records the lines and ridges of their fingerprints, and translates the data into a numerical algorithm that is stored in a secure database. The customers thereafter never have to carry a wallet or purse back to the store, and can use their finger to pay for goods across the Pay By Touch network, which now includes stores in 10 states.

Source: siliconvalley.com

 

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