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#News(Startup) [ via IoTForIndiaGroup ]
Hong Kong’s Tappy Technologies has developed a battery-less biometric payment authentication system that can fit inside a watch band, effectively turning the band into a secure credit or debit card.
Tappy’s solution effectively cuts bigger technology companies out of the loop by eliminating the need for a smartwatch to facilitate the transaction. Instead of passing the payment through Apple Pay and sharing transaction fees with Apple, a bank could give customers a bracelet, basic watch, or other wearable accessory with its payment chip installed, know that each transaction was finger-authenticated, and keep most of the fees for itself.
While Tappy doesn’t go into great detail regarding its biometric authentication system, it includes an embedded secure element, a finger scanner, and NFC transmitter. Fingerprint scanning isn’t included in today’s smartwatches, which instead rely upon basic passwords and heart rate data to authenticate users. Additionally, Tappy touts its solution as water-resistant, battery-free, and somehow capable of multi-card customization via a mobile application.
Initially, Tappy’s solution will enable users in mainland China to make mobile payments anywhere that UnionPay cards are accepted, thanks to its work with the Bank of China and China UnionPay.
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