Cryptocurrency Payments Can now be Naked with Touche EDDITS ERC75 and ERC735October 12, 2018
Touche, is a payment pioneer who is based in Singapore. When making in-store purchases, people are looking to purchase products by making use of cryptocurrency.
The Biometric payment concept brought to you by Touche, now facilitates making purchases by making use of fingerprint scans that are simple. This you will be able to do without the use of an actual payment card and you need not even have a virtual card to do this.
Touche has been able to provide this facility by virtue of its collaboration with EDDITS. The ERC75 and ERC735 are smart contracts from EDDITS that help users to initiate payments by using their identity of “touch of two fingers” on the biometric POS device that authenticates the fingerprints. The smart contract provider will further execute the transaction if the fingerprint matches with the user identity.
EDDITS is a company that provides Ethereum-based platform, which will assign its users with a particular blockchain address in order to facilitate digital payments.
EDDITS and Touche have thus established a payment solution which will allow the end user to pay for things by making use of the Ether cryptocurrency, simply by scanning a couple of fingerprints.
Sahba Saint-Claire, the Co-founder and CEO of Touche, stated, that this payment method has been structured in a way to simplify the cryptocurrency transactions for payment providers. Using this method, the providers need not worry about having to manage their wallets. This can be done without having to worry about their security. Every payment will be executed with due cryptographic proof, which will be generated at the point of sale device which will be available at the touch of the two fingers.
The numbers of merchants who are currently willing to accept the payments are a minority. The numbers of merchants with a fingerprint scanning machine will also be scarce. However, with changing times and strategies, Touche announced a partnership early this year with OCBC, the Singaporean Bank. Touche is coming up with major institutional backup efforts in order to promote its technology across the country.
The good news: “Technology to make this payment possible is already available and well structured.” The next pending step is about doing what it takes to bring it to the market for widespread use.
Naked payments are high profile technological innovations. Of note, fingerprints based payment systems of Touche have been under trial stages in the past year. The good thing to say about this technology is that it is beyond the experimental trials. It will only connect the actual customer who is of age and authenticity to carry on the transaction. This payment method is emerging as a high potential FinTech payment trend.