Wocket wants to replace your wallet
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.