CLEVELAND (WJW) — The future is here. Those who are tired of whipping out their wallet or phone to pay may soon skip that step altogether, thanks to a new implantable payment chip.
The Anglo-Polish company Walletmor has created a microchip that can be implanted in a person’s hand and used as one would use a credit card for payment. The technology is currently only authorized for sale in the European Union and the United Kingdom
“The implant can be used to pay for a drink on the beach in Rio, a coffee in New York, a haircut in Paris – or at your local grocery store,” founder and chief executive Wojtek Paprota told the BBC. “It can be used anywhere contactless payments are accepted.”
The company said it was the first to sell such chips to willing customers, releasing its safety pin-sized biopolymer technology to the world last year. The cost is around $300.
But how many people agree with the idea of essentially having a credit card placed in their body? Walletmor said in a press release that so far at least 200 people have purchased its technology.
According to a 2021 survey, which interviewed 4,000 people across Europe, nearly 51% said they would consider an implant of some type, but safety issues remained a concern for some.
Walletmor explained that their chips use Near Field Communication or NFC, the same system smartphones use for contactless payments, and they cannot be read until they are in close contact with a reader. of payment. The company said the chip does not include a battery and does not produce radio waves on its own.
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