Pay By Touch, a provider of biometric authentication, is launching a new payment and identification service for consumers making online purchases.
Pay By Touch Online enables a consumer to log onto participating web sites by sliding a finger across a scanner connected to the user’s computer rather than by entering a user name or password.
The consumer can check out using the scanner, accessing his Pay By Touch wallet, which contains payment information on credit cards, signature debit cards and eChecks. The consumer doesn’t have to enter any payment information, reducing the risk of fraud, Pay By Touch says.
To use the online service, consumers must purchase a finger sensor from the Pay By Touch web site or from Pay By Touch partners, such as Internet merchants and financial institutions, says Jon Siegal, executive vice president of Pay by Touch Online. Finger sensors will cost less than $30.
The company also will be certifying for use in the program finger sensor devices manufactured by others that already are built into computers or inserted via a USB port. “Most of these devices are sold either directly by those manufacturers or through their distributors, like consumer electronics retailers,” Siegal says.
Pay By Touch could lower retailers’ costs by encouraging shoppers to choose lower-cost forms of payments, the company says.
Pay By Touch is in negotiations with several Internet retailers and financial institutions. The company plans to begin deploying the service this spring.
The Pay By Touch authentication platform is used by more than 2.3 million enrolled members, with deployments at more than 2,000 retail locations. The company also has relationships with 10,000 Internet retailers that process transactions through its payment processing business unit.