Pay By Fingerprint - What Do We All Think About This?

Discussion in 'Current Events' started by GotZoom, Oct 5, 2005.

  1. GotZoom
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    GotZoom Senior Member

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    First cash. Then checks. Then credit cards. Then Debit Cards. Then Check Cards. Then smaller credit cards. Then things like "Speed Pass" (Exxon).

    Now, fingerprints.

    Next - scanning the eyes? I.D. numbers tattoed on the forehead?

    Where does the comfort level for everyone stop?

    Me - I use a normal sized CheckCard. I have Credit Cards for emergencies.

    After that, Speed Pass (and the like), fingerprints, etc...nope. Not me.

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    A San Francisco start-up, Pay By Touch Solutions, is expected to announce today $130 million in fresh financing for a novel way of paying for groceries and other goods and services: a machine that reads your fingerprint.
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    The capital raised -- $55 million of it in convertible notes and $75 million in loans -- will help the company build out its finger-reading payment systems at several nationwide retailers, including in California in the first quarter of next year.

    The company has already rolled out its so-called ``biometric'' payment system in a ``couple of hundred'' stores, mostly on the East Coast.

    Here's how it works: Customers sign up once, by registering a checking account or a credit card, and showing government identification such as a driver's license. The Pay by Touch technology records the lines and ridges of their fingerprints, and translates the data into a numerical algorithm that is stored in a secure database. The customers thereafter never have to carry a wallet or purse back to the store, and can use their finger to pay for goods across the Pay By Touch network, which now includes stores in 10 states.

    Most recently, Pay By Touch announced the system had been implemented across 85 stores in the Piggly Wiggly Carolina grocery chain. The company has also signed a half-dozen contracts with other supermarket chains, including two of the top five in the country, said John Morris, president and chief operating officer.

    The goal, said Morris, is to be the dominant player in the biometric transactions area.

    Installing the hardware costs a couple of hundred dollars per lane, said Morris, for which capital needs to be raised upfront. Pay By Touch is sharing the cost of each installation, and it gets a fee per transaction of between 12 and 14 cents, he said.

    That is cheaper than what stores pay for alternative payment methods, he explained. A credit card transaction typically costs a store about 60 cents for an average $25 purchase of groceries. A debit card costs a store about 50 cents, and a paper check costs 39 cents. Even cash costs a store about 19 cents, after things like handling, shrinkage and the cost of an armored car are factored in, he said.

    Pay By Touch will also help manage discount and other store loyalty programs. Customers will be able to swipe their finger into a device at restaurants and see the meals they have already purchased, and waiters can offer them deals based on their preferences and so on, said Morris. The company also wants to introduce the system to the health care arena so that patients can use it for payments and records.

    Executive Vice President Gus Spanos said the company sought the large financing on the assumption that there was interest in funding such a deal. ``The capital markets were very open to us,'' he said.

    The secured-note backing was led by New York's Och-Ziff Capital Management. San Francisco-based Farallon Capital Management and Plainfield Asset Management also invested. UBS Securities acted as agent for Pay By Touch Solutions.

    The convertible preferred notes were offered by the Getty Trusts, Ron Burkle -- founder and managing partner of the Yucaipa Companies -- and Rembrandt Venture Partners, among others.

    http://news.yahoo.com/s/sv/20051004/tc_siliconvalley/_www12814398
     
  2. dmp
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    dmp Senior Member

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    one step closer to:

    "Let's just install your information into a chip and implant it into your forehand or forehead."

    :-/
     
  3. manu1959
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    manu1959 Left Coast Isolationist

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    and on the 11:00 news roving badns of gangs cutting off fingers .....

    use fingerprint scan to get into my office
     
  4. Nuc
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    Nuc Senior Member

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    Next thing we'll all have GPS units in our skull so the gov. and spouses can keep track of us 24/7. :2guns: :2guns: :2guns: :2guns: :2guns: :2guns: :2guns:
     
  5. GotZoom
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    GotZoom Senior Member

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    I have been places with fingerprint and Iris scanning to enter different places.

    That doesn't bother me - it is a "security" use.

    But basic retail purchases?
     
  6. Mr. P
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    Mr. P Senior Member

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    They hate me, I tend to be a rebel with stuff like this.
    I refuse to fork over unnecessary information for the convenience of a business.
    I won’t give my SSI number to a Doctors office and I won’t use those you check-out yourself thingys at the grocery either.

    No way in hell they get my fingerprint.
     
  7. manu1959
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    manu1959 Left Coast Isolationist

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    i would think you would want your money protected to the same level as some building you don't own
     
  8. no1tovote4
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    no1tovote4 VIP Member

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    Imagine:

    Today in the news. The Scalpers have grown in numbers in recent years. Spurred on by the implant chips in hands and forheads identity theft has reached a new level, the police are at their wits end how to stop the gangs that kill and remove hands and scalps in order to gain access to bank accounts. This has put a stop on plans to have retinal scans for payment as removal of eyes can reasonably be expected....
     
  9. GotZoom
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    GotZoom Senior Member

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    Unfortunately, I had no choice with the buildling.

    I was more comfortable security wise with this than the alternative:

    Military police at the gate. When I was asked for my "badge number", I replied Giraffe-41.

    After several minutes of looking and asking me again, to which I replied, Giraffe-41, other security policeman came to the entry point.

    They escorted me outside, stating that I had violated security procedures for trying to access a controlled facility with a fraudulant badge number.

    I told them that it wasn't fraudulant..my badge number was G-41.

    Then I hear the security officer behind the gate say....

    (you ready....you know it's coming right.....)

    "Ohh...G.......I thought it was...J.....
     
  10. ScreamingEagle
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    ScreamingEagle Gold Member

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    We, the public, are always being told that we need various forms of ID, etc. "for our own safety". This is such a crock.

    Your post just points out the fact that there is no end to criminality by trying to outsmart them...they just wind up outsmarting any newfangled security devices/IDs, etc. in one form or another.

    Instead of handcuffing the general public we just need to stomp out the criminals by throwing away the key. If the penalty was severe enough it would practically eliminate theft.
     

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