Geode: Mobile payment with iPhone case instead of credit card
But the startup iCache, based in Cambridge, Mass., hopes to solve this problem. It's developed by Geode, an innovative iPhone case that digitizes all your payment and loyalty cards and makes it easy and safe to store in any store. Use them before the cashier. The Geode shell will be in the 5 moon phase this year, and it has a separate card reader that allows users to import data from the magnetic stripe card into the Geode application. Users can also scan barcode-based loyalty cards into the app with an iPhone camera. Once the card data is stored in the Geode application, you can leave the dongle and physical card at home. Geode uses a biometric fingerprint reader to ensure data security and must be fingerprinted when unlocking applications and entering cards. working principle When you need to pay, you can choose a card from the Geode app. If you choose a magnetic stripe card, you can extract a "universal card" from the back of the Geode shell. Geode has an instant certificate based on the card you selected (credential, which is a packet containing the ticket and matching). The session key. The credential is encrypted using the key of the requesting principal. This "universal card" is temporarily programmed. You use this "Universal Card" in the usual way. And you can also decide how long the Universal Card can remain active until the temporary code is automatically erased. This time can be as low as 20 seconds or as long as a few hours if you find that your phone is running low. If you choose a bar code-based card, Geode will display the bar code on an e-ink display, and the merchant can scan it with an off-the-shelf POS terminal or barcode reader. iCache was founded in 2007, and the company's CEO and founder, Jon Ramaci, said they initially used a separate payment device to store their cards, but consumers didn't like to bring extra devices. Walk around. Now, with an iPhone case with built-in high-tech hardware, iCache has finally created a viable mobile wallet solution that does not require hardware upgrades from consumers or merchants like NFC (Near Field Communication) payment methods. Ramach, who was a management consultant at Oracle, said: "People can use our developed Geode anywhere, they don't have to wait for the NFC upgrade of the terminal. Which card do they think is convenient? Which is not? Changes in consumer behavior. Users still use cards or barcodes, but they don't worry about any security issues." Geode may be reminiscent of another startup, Dynamics. The company also uses programmable cards to store a bank's credit and debit cards, with additional security measures added. But Ramach says the difference between the two is that Geode can accept cards issued by many institutions and can handle barcode-based cards. iCache has been funded by private investors and has recently started raising funds on the public financing platform Kickstarter, mainly to gain some market feedback before the mid-May launch. Ramach said the device had a suggested retail price of $199, and supporters on Kickstarter could buy it for $159, but he did not disclose which retailers would sell the device. The current plan is to start with the iPhone 4 and 4S, and finally land on the iPhone 5, because it can bring a large number of users to the iCache Geode shell. The company also considered Android, but its hardware ecosystem is too diversified to be a big problem. Ramach said that in the long run, iCache is ready to evolve with the payment technology on the market, but for now, card-centricity is a reasonable approach because cards don't disappear anytime soon. Industry review Ryan Kim, a tech blogger at gigaom.com, said: "I think Geode is a fun idea, because if it's really like the propaganda, then people can quickly lose weight to their wallets. It is. Of course you still need some cash to buy small things. But at other times, you have a Geode shell. This system looks safe because it has a fingerprint reader and a timeout auto-erase mechanism. But I don't know if this payment process will increase your time at the checkout. Ramach says it is still very fast to pay with it. The Geode app will highlight the card you have used recently, but you can also pull any card from the tab. In general, Geode sounds like an interesting temporary solution, and it's a little expensive. I think that NFC will eventually be carried forward, allowing people to carry their credentials with them and use them with a single click. Or cloud-based solutions may be favored, such as Square's Card Case or PayPal's solution that doesn't even require a phone. At present, these systems are still waiting for the widespread adoption of the business, and the merchants listen to their advocacy and hear the news. It will take some time for the situation to be clear, when a solution will become a standard or provide significantly higher value than other solutions, and before that, the merchant may not have much enthusiasm to support one immediately. System hardware or software upgrade. Therefore, in a transition that may last for many years, a solution like Geode is a reasonable one. The card won't go away, and we will continue to see how the card will become smarter. Some people may like to store and use all of their cards in a simple way, others may think it's good to have a thick wallet. Canvas Bag
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