New York City fintech firm Hypr Corp is taking preorders for its Hypr-3 biometric mobile wallet bundle.
The bundle consists of the HYPR-3 bio-sticker and access to the Hypr-3 biometric mobile wallet.
Hypr-3 utilizes a 3 Factor Authentication protocol requiring a fingerprint, a PIN, and a dynamic token. The mobile authentication solution allows users to authorize mobile payments with their fingerprint by swiping an adhesive biometric token generator approximately the size of a nicotine patch.
In addition, the sticker will apparently work with existing apps that integrate with the platform’s API for authentication.
According to the Hypr Corp CEO George Avetisov:
Anyone can preorder HYPR-3 for only $20 right now on the company website and be part of the first batch of delivered units. There is no staggered rollout, no developer kit, or other form of closed run
The company says that the HYPR-3 bio-stickers will begin shipping in June 2015 and will support bitcoin, credit, and debit cards through the HYPR-3 app as well as any third-party digital wallet that has integrated with it.
The app will launch with functionalities that include making biometric credit card payments, spending or receiving bitcoin, and debit-to-bitcoin conversion payments. Each of these functionalities has its own implementation of the dynamic tokenization security the HYPR-3 bio-sticker provides.
Biometric Credit Card Payments
Using the HYPR-3 works this way:
A user’s fingerprint never leaves the sticker, and is used to encrypt the credit card information. HYPR-3 also does not require merchant-side integration and will work at any credit card NFC terminal.
Spend or Receive Bitcoin
Spending and receiving bitcoin works this way:
HYPR-3 does not require merchant-side integration and will work with any bitcoin public address.
Debit-to-Bitcoin Conversion Payments
With Hypr-3 Users do not need to own bitcoin in order to spend bitcoin. Hypr-3 has a payment gateway that enables consumers to link their debit card and spend bitcoin without owning bitcoin. The device also biometrically secures a user’s identity at the point of sale and allows him or her to spend bitcoin through real-time conversion.
The bio-sticker is 3.2 mm thin, carries more tha a year of battery life, and communicates via Bluetooth. Through a small, removable mount, the sticker can be attached and removed and can secure multiple devices. Users may attach it to their mobile phone, or carry it as a keychain.
The Protocol – 3rd Party Integration
Hypr’s software engineers also designed Hypr-3 to be versatile and to permit wallets to accept different payment methods and merchants. The company plans for it to be more than an Android alternative to Apple Pay. They want it to be a biometric dynamic tokenization protocol securing access for any digital currency. Indeed its open platform consists of the biometric sticker and API, allowing third-party digital wallets to integrate with the Hypr-3 Factor Authentication protocol.
Biometrically securing credit cards is cool, but that was the easy part. We’re aiming to provide the biometric tokenization protocol to secure all digital currencies and third-party wallets. Consumers should be able to access irreversible digital currency without having to worry about fraud, and we believe the HYPR-3 logic is the appropriate method of doing so.