You are here: Home - Saving & Banking - News -

Cash at your fingertips

Written by:

Shoppers are being offered a means to pay for their goods using a fingerprint linked to their bank account. Andrew Partridge reports 

If you’re the forgetful type, prone to leaving your wallet and credit cards behind when you leave home, then a new system of biometric authentication could be ideal for you.
No longer will you need a card to access your bank account or your credit card account – your fingerprint is all you will need to access your money using a new system from technology company, Pay By Touch.

The Midshires Co-operative supermarket in Oxford is trialling the system from the technology firm, giving its customers the option of paying for groceries by simply having their fingertips scanned.

The idea has already taken off in the US, where 2.3 million people are using fingerprint recognition to pay for their shopping. And the company behind the scheme is confident that the idea could take off here too.

John Rogers, founder, chairman and CEO of Pay By Touch, says: “We’ve seen enormous consumer interest in Pay By Touch for its ability to enable a faster, more convenient and secure way to make purchases.”

The new system is free to use and customers can register for the system at home using the Internet, or by visiting participating stores.

Pay By Touch claims the new system is secure, as its technology does not use actual fingerprints – instead it reads a set of 40 unique measurements on the fingertip that are then encrypted and hosted at secure data centres. And the company claims that the measurements can not be reverse engineered into a false fingerprint by potential fraudsters – protecting users of the scheme from any theft.

However builders could have problems using the system, because manual work wears down their fingerprints, so the system will not be for everyone.

Related Posts


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
RBS promises to install free cash machines

The Royal Bank of Scotland is placing 300 free-to-use cash machines in poor communities to improve their access to cash....