Monday, June 24, 2013
CMU Students Show Fingerprints May Be Way to Buy
In the age of the Google Wallet and PayPal, the use of fingerprints as a payment method doesn't seem implausible. And the idea wasn't for Umang Patel and three other Carnegie Mellon University students who recently launched their own biometrics-based pay system as an alternative to plastic credit.
With PayTango, a swipe of the finger links users' personal information to their credit or debit card in less than 15 seconds, making for a quick and easy-to-use system.
“We wanted to eliminate the need to carry anything around to identify yourselves. Like you have these plastic credit cards and if you lose them or get the numbers stolen off them, essentially someone could wipe your bank account,' said co-founder Kelly Lau-Kee.
“I think everything is moving toward a method like ours because credit cards are a very outdated system. I mean, these things were invented 40 years ago and they really haven't changed since then,' she said.
Like Patel, an Indian American, and Lau-Kee, PayTango founders Brian Groudan and Christian Reyes are either seniors or recent graduates of Carnegie Mellon, working out of their base in Mountain View, Calif.
The founders conceived the idea for PayTango while working on a project for a TechLab start-up course at CMU during the fall of 2012. They further developed their prototype while participating in the University of Pennsylvania's PennApps Hackathon, the largest software development competition of its kind...Read more»
By: Noel Um