Remember Bump? The Google app that allowed you to “tap” another app to transfer contact information to a friend? The idea seemed pretty cool at the time, even though it failed. What if you could use this same concept of “tapping” or “bumping” to send cash to a friend or perform other financial transactions?! Not with your smart phone, but with a new bracelet called Token (think FitBit for Money or Mint on your wrist).
BloombergBusinessWeek reports that token is a “next generation payment device that helps you be a smarter consumer.”
Token is a wearable bracelet connected to select payment accounts – from checking and savings, to credit cards, digital currencies, and PayPal account. Unlike a credit card, it features a security mechanism based on three unique aspects of its owner—something she is (a unique biometric like a thumb print or your heart bear), something she knows (a PIN or password) and something she owns (the device itself). Unlike a credit card, it becomes useless when lost or stolen as only your print (or pin) can authorize it. Since it is directly connected to your bank, you can easily lend money to a friend, or safely give your kids their weekly allowance.
Even though Artefact Group, the company behind Token, has no plans of bringing this concept to market, let’s hope Apple, Google or maybe even Amazon catch wind of this story and take the bait…