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In The News
   
 
 

 

In The News

 
March 26 - Ready to pay the tab? Get out your fingers; PayTango bets on biometrics

Article: Technology For A Global Monetary System
 

Could a new payment method that uses biometrics technology, or more specifically fingerprint scanning, replace our need to carry around a wallet full of credit cards? The team behind PayTango certainly hope so, although its technology is still in the testing mode.

The YC Combinator-backed startup, founded by four Carnegie Mellon University students who graduate later this year, has piloted the readers in three locations on campus.

To use the technology for the first time, the consumer touches the finger pad with their index and middle fingers and then swipes a credit card they want associated with their prints. It also asks for their mobile phone number. The reader plugs right into a merchant’s existing point-of-sale terminal and software.

Of course, the mobile payment space is already brimming with competitors, and scaling is a big barrier. There’s also doubt about biometrics technology itself. The reaction to the story on TechCrunch ranged from “This is great, now instead of handing my wallet to a mugger he is just going to chop my hands off,” to “Biometric ID makes for great press, but it really doesn’t impress the real security community,” to “I want a wallet-less future.”

The company, which for now is eying a dense networks of merchants and customers like college campuses or gyms, is hoping to start with a campus-wide rollout at Carnegie Mellon, where they'll surely find a community of like-minded geeks—and a good place to experiment.

 

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