A new Singapore-based company has raised some $2 million in venture capital to back a new device allowing customers to pay for goods and services using only their fingerprints, without the need for credit cards or mobile phones.
The system created by payments firm Touché, works by scanning customers' credit cards and registering their fingerprints with a specailly designed device. Consumers then place their fingers on the device to make payments in the future at any location where the system is used worldwide.
Merchants can also use the system to maintain digital records for each customer about their purchasing history, preferences, and other data.
There is a growing interest in the use of biometric security systems with Visa reporting recently that two-thirds of consumers surveyed said they wanted to make payments using biometric identification tools.