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iCache represents all your credit cards

Instead of having to carry all sort of cash cards with you, isn’t it more convenient that you just bring along a device that represents all your credit cards or debit cards? That device is iCache, which contains the digital replica of “track data” of all your credit cards or debit cards.

How to do that? According to iCache website, it will be available to you from your financial institution or you buy it from iCache retail. Once you received the device, you just get onto iCache website, self register your finger print and all your cards, just a simple process.

Just a guess, physically, you should just need to connect your iCache to your PC via a USB cable, then insert all your cash cards one by one into the iCache slot, it will then store your cards and register them to iCache website. For your finger print, you just scan it with the biometric scanner that comes with it and it will then be registered. All data are stored behind biometic security on your iCache.

When making payment at a store, instead of your normal cash cards, take out your iCache, select what card to use from a list on your iCache screen and present it for swiping at the payment terminal. The iCache’s dynamic mag stripe represents your selected card stripe, and transaction data will be written to it. The data expires or is overwritten by the next card selected for use.

The iCache website says that it’s usable for both offline and online. Another guess for the online payment process is, once your iCache is connected to your PC, you can then select which card to use, and after confirm, the transaction will go through. Something is puzzling me is that what’ll happen if you lose this device? Doesn’t it mean anyone that get hold of this device will be able to use all your cash cards for any transaction? Wow, this would be a complete nightmare! Is there any additional security protection that you need to tag your finger print first to activate the device for use? Well, iCache currently is only a concept, some of the security concerns need to be taken into deep consideration before its release!

Via OhGizmo, Via CrunchGear

Technorati: iCache,security,credit cards,shop online,gadget

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