Biometric authentication technology has long since left the realm of science fiction and is now firmly cemented in our daily lives. Fingerprints, facial identification, and voice recognition are now so commonplace that they almost feel mundane. But there is a new technology making waves that still feels like it was borrowed from the future.
Microchip payment implants are now publicly available and are being used by hundreds of people across Europe and the United States. Walletmor is at the forefront of this new technology and is the first company to bring payment implants to the mass market. They envision a future where everyone can make payments with simply a touch of their hand.
A Wallet-less Vision of the Future
Walletmor has created the first commercial implantable payment method. This quarter-inch-long implant can be placed in your hand or wrist and uses secure NFC technology to allow you to make payments much like you would with Google Pay or Apple Pay. The chip is biocompatible and hypoallergenic, so it is unlikely to cause any issues when installed.
Because NFC tags don’t require a power source, the implant never needs to be charged. The tags can simply be managed with your smartphone to keep track of spending. The chip contains only what is necessary to make payments and nothing more, so there is no apparent need to worry about the risks of tracking or spying. It should be noted, however, that the chip will need replacement after 8 years of use.
Many of the benefits of augmenting your body to be able to make payments are initially pretty clear, but there are some that might be unexpected. The biggest benefit is probably the convenience; no matter what, you will always have a payment option on you. Smartphones, smart watches, wallets, and cards can all be accidentally forgotten, but an implant will always be there. Another benefit is security. While cash, smartphones, and cards can all be stolen or accidentally left on a park bench, implants are invisible and secure from theft.
The Risks of Payment Implants
While there haven’t been any health risks reported with these implants, there are some other risks that should be taken into consideration. It is easy to imagine a huge range of skimming devices being manufactured to steal money via unauthorized transactions. Because we constantly use our hands to interact with public objects, it is possible that discreet payment terminals could be placed under public tables, near hand dryers, or on public transit to take our money.
A further risk is that if you want to change accounts, or if your account gets compromised, you are stuck with a useless chip implant until you get a new one. The chip can be deactivated, but it can’t be changed.
Despite these drawbacks, this technology won’t likely go away any time soon. If anything, we should expect to see better security features in the future to allow its widespread use.
At BSC Solutions Group, we don’t offer biometric payment technology but we do specialize in cyber security solutions for small and medium organizations. Learn more here.