New York-based digital wallet security company HyprKey is claiming that it can make the process of paying with one’s phone much safer through the usage of its new tool the HYPR-3.
As a three-step biometric authentication device, the HYPR-3 is supposedly able to eliminate any likelihood of payment fraud at the point of sale for all users paying with bitcoin, credit cards and third-party digital wallets on their mobile devices. Furthermore, processing fees for payment merchants would also be significantly lowered.
Company CEO George Avetisov explained the tool’s workability in further detail:
“Other attempts at tokenization of virtual credit cards have raised processing fees for merchants and wallet platforms. HYPR-3 seeks to lower them by reducing fraud. By eliminating fraud, our biometric tokenization protocol will allow users unprecedented access to bitcoin through functionality such as automatic conversion.”
The big clincher for the new device is that HyprKey does not have the ability to store data; rather any information for token generation and biometric authentication simply never leaves the HYPR-3 device. Thus, its vulnerability to malware and hackers is ultimately limited.
Avetisov also mentioned that the new tool is simply a step into a grand future that the company has planned for itself:
“Our intent on solving the plight of the bitcoin community can be considered simply as demonstration of our protocol’s viability. In the grand scheme of things, our intent is to open our dynamic tokenization platform to all digital wallets and authentication protocols – both on the end-user and enterprise scale.”