California-based TouchCredit Financial Systems is joining forces with biometric fingerprint recognition company SecuGen Corporation to launch the world's first cardless credit payment system.
Consumers will be identified by their fingerprints before they make a purchase. The partners say this will reduce fraud and operating costs for e-tailers and cut interest rates for consumers. Customers will be able to make purchases on all devices, including mobiles and personal digital assistants (PDAs).
Under the agreement, SecuGen's core fingerprint recognition technology, involving a biometric keyboard and biometric mouse, will be integrated into TouchCredit's proprietary biometric payment system.
This will allow consumers to purchase online products and services securely without the vulnerability of credit cards.