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Paying by Touch
Discover is partnering with Pay By Touch to roll out a payment system that will allow customers to use their fingerprints to pay for purchases and services at a wide expanse of retail locations. Discover becomes the first major financial provider to offer fingerprint payment to a general audience. Several grocery store chains and a handful of retailers have tested fingerprint payment methods locally.
In Discover's case, customers can sign up for the service at certain locations by scanning their finger, entering a search code, swiping their cards or other payment cards they wish to enroll, and adding their checking account information. An electronic "wallet" is then created that allows customers to walk up to a number of retail locations and use their fingerprint for access to the wallet and for identification, then select their payment method choice. The wallet information is stored at secure IBM data centers and the fingerprint itself is not stored. Rather, the fingerprint scan is converted into a set of 40 data points that is converted into a mathematical equation used to confirm identity at the point of sale by matching what the machine there reads (from the fingerprint scan).
Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 07, 10/04
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