Wocket wants to replace your wallet
Wocket stores electronic versions of your cards, that only you can access
No one wants their credit or debit cards, or even their NFC-enabled smartphone falling into the wrong hands. While there are already various security measures in development, NXT-ID's Wocket is one of the latest. Described as a "smart wallet," it's designed to securely store electronic versions of your various cards, plus it features a swipe-able physical card that can be programmed for single uses.
The Wocket is claimed to be "smaller than a typical wallet," and can also be used to carry cash via an added accessory. Power is supplied by a coin cell battery.
Users start by swiping all of their stripe cards into the Wocket, which records the pertinent data and stores it in its onboard memory. Other types of cards, such as those utilizing barcodes, can be scanned in. Up to 10,000 cards can be stored on one device, then squirreled away someplace safe in the user's home.
When a payment is being made, the Wocket's touchscreen is used to select the desired "soft" (electronic) card. Before it can be accessed, however, the user has to verify their identity. This is done using a combination of biometrics and a PIN. The device then wirelessly pairs directly with the merchant's payment system, as long as it's authenticated by the Wocket. No smartphone or internet access is required.
For loyalty cards or others that utilize a barcode, that code will appear on the Wocket's screen when the card is selected, allowing it to be scanned. Users can also manually enter and store textual information such as door lock passcodes, accessing it just as they would access one of their cards.
NXT-ID plans on launching the Wocket on May 28th, by which time pricing and availability information should be available. If you're interested, you can register for updates via the link below. You might also want to check out the similar Coin device.
About the Author
An experienced freelance writer, videographer and television producer, Ben's interest in all forms of innovation is particularly fanatical when it comes to human-powered transportation, film-making gear, environmentally-friendly technologies and anything that's designed to go underwater. He lives in Edmonton, Alberta, where he spends a lot of time going over the handlebars of his mountain bike, hanging out in off-leash parks, and wishing the Pacific Ocean wasn't so far away.
All articles by Ben Coxworth
I want one! This sounds great. I'm fed up with carrying round a wallet bulging with plastic cards.
Also I'd like to know if it can be used to replace 'store cards'. It seems as if every shop I visit wants to give me a loyalty card and while I like some of the benefits [OK, I know they 'mine' my data for CRM.] once again, I am sick of carrying round the cards ....and then having to fumble though my card collection when I get to the check-out.
....And the security benefits are another big bonus. Can't wait to get one!
** Just registered for updates - also realised that it DOES 'do' loyalty cards,debit cards ..and even coupons. - Terrific!
Bring on the bitcoins.
I can see things like this being very popular
Will it be ready for chipped cards?
Just got an email from their support. Retail price of 150$, with no NFC (as I expected) and no chip & pin because of the lack of a common standard(!?). I'm really disappointed, I would have ordered one immediately, but this thing will be useless in Europe, Australia, and soon even in the US. I'm sure another less short-sighted company will release a Smart wallet (or something like that) with EMV capability before NXT-ID updates its Wocket. Again, I'm really disappointed.
[Just to clarify], Wocket does not allow you to pre-load exact amounts of money onto the WocketCard. I just wanted to clear that up to avoid any confusion. Feel free to reach out to email@example.com if you have any more questions.
Due to the nature of EMV and NFC, even if we included the technology on the card, you would not be able to use it right now due to the way this technology works within the payments industry. For instance, ISIS and Google Wallet are only available at specific POS terminals and require the merchant to have specific agreements with those providers for them to work. We wanted Wocket to work right out of the box with your existing cards.
We built Wocket to adapt and evolve as the payment industry does. There is no direct dependence between the WocketCard and Wocket so it's very possible that when new payment methods become available to us that more WocketCards could become available.
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