The Wocket is a high-tech smart wallet designed to securely store electronic versions of your various plastic cards so you don’t have to carry physical cards everywhere and risk losing them or having them stolen.
New users swipe all of their magnetic-striped cards into the Wocket, which records their data and stores it in its memory. Even non-striped cards such as those with barcodes can be scanned. Up to 10,000 cards can be stored on one Wocket.
When a user needs to make a payment, they can use the Wocket’s touchscreen to select their desired ‘soft’ electronic card after verifying their identity using a combination of a PIN number and various biometrics. The Wocket then wirelessly pairs with the merchant’s payment system once it authenticates it. It doesn’t require smartphone pairing or Internet access.
The Wocket also comes with a swipeable physical card that can be programmed for single uses. It can also be purchased with the option of an added cash-carrying accessory.
Why This Trend Is Growing
- Smart Wallets
- High-tech wallets that securely store electronic versions of plastic cards.
- Biometric Payments
- Payment systems that use verification through PIN numbers and biometrics.
- Contactless Payments
- Payment systems that wirelessly pair with merchants' systems without requiring smartphone pairing or internet access.
Industries Being Reshaped
- Banking & Finance
- Opportunities to disrupt traditional banking and finance systems by transitioning to smart wallets and biometric payments.
- Retail & E-commerce
- Opportunities to disrupt traditional retail and e-commerce payments with contactless payment systems.
- Security
- Opportunities to disrupt traditional security systems by introducing biometric verification in payment systems.
