PayTango: Payment Method Of The Future Employs Biometrics
The YC-backed startup, PayTango, is sure that biometric identification will become the futuristic payment method. The company collaborates with local universities and offers students to use their fingerprints instead of credit cards. Having graduated from the Carnegie Mellon University, the co-founders have huge experience in human-computer interaction and information systems. Using PayTango seems really easy: users touch the fingerpad with their index and middle fingers and if they’re not in the system already, PayTango automatically detects that. It will ask them to swipe a card to associate with their fingerprints and then enter in their cell phone number. That sign-up process made it fast enough for 100 students to sign-up within four hours on campus. The company is aims to create a dense networks of merchants and consumers: gyms are another target market since the same small group of consumers have to quickly swipe in and out. Of course, the business model is only a prospect at the moment, the CEO Umang Patel claims they’ll push through a campus-wide roll out at Carnegie Mellon. The cost of the initial prototype with a fingerprint scanner and credit card reader with off-the-shelf parts ranges between $1,500 and $1,700.