We’ve all heard of (and many of us use) eWallet software and alternative methods to pay electronically; these apps and methods have been around for years. In our move towards convergence and the ultimate goal of lifestyle simplification, it seems that in the last few years there has been a push to eliminate our wallets and get all of our financial tools onto our cellphones. As Travis has pointed out several times, people are more likely to forget their wallet than they are their phone, so perhaps there is something to that. But understandably, security concerns are what keeps many from fully embracing this concept.
Which brings us to Geode, an “appcessory” which combines a fingerprint scanner with wallet software in a special case that contains an each use programmable replacement credit card and an each use an e-Ink barcode for gift cards.
This video explains the entire concept …
Geode can uniquely consolidate anything that is in the consumer’s wallet that has a magnetic stripe or bar code into a single card. Our solution employs unique technologies that allow the Geode to bring convenience and security to consumers, immense value to card issuing organizations and great benefit to merchants.
The Geode may be used online, and it will work in regular stores. The biggest question you might have is whether or not it is “safe” to use. From Geode’s FAQ:
The short answer is Yes. The long answer is Yes because: Biometrics – The data on the iCache can only be accessed after positively verifying your fingerprint through the use of the most up-to-date biometric technology available. Fake fingerprints, fingers not attached to a living, breathing body and finger copies will not work with Geode. Please do not cut off any body parts to test this; others have already done it for you!
Secondary ID Match – The Geode will only accept new cards into the wallet after being registered to you as the owner. Additionally, all cards loaded into the Geode will automatically be matched to the owner of the Geode. We also verify the cards through several steps behind the scenes before ever allowing them onto your Geode. This protects someone from stealing your card and loading it into their Geode.
Device Lock-Down – If you lose your Geode, it cannot be turned on or used by anyone else. Additionally, attempting to open the wallet or tamper with the internals will render the device useless! How? It’s very technical like the flux capacitor and top secret like Area 51.
Data Storage – All of the card data in your Geode stays in your wallet in an encrypted format based upon your fingerprint.
What do you think? Is the Geode the money system you have been longing for? Or is it too futurist for you, and you’ll be sticking to a more traditional method of payment?
Geode will begin taking orders on May 8th; there is no word on pricing yet, but I love the idea and I think that they may be on to something.