New Delhi , British-Polish startup Walletmore has claimed to be the first company to start selling payment chips that can be implanted in the body. The company says that it has sold 500 payment chips so far. With the help of this chip, you can make payments in shops, malls, hospitals etc. without debit / credit card or cash. For this only you have to take your hand near the contactless payment machine and money will be transferred from your bank to the shopkeeper’s account.
The company says that it is completely safe and it is approved by all the authorities. According to Walletmore, this chip works on Near Field Communication (NFC) technology. The same technique is used while making contactless payments from smartphones. At the same time, some other payment implants work on Radio Frequency Identification (RIFD). RIFD technology is used in contactless debit cards and credit cards. Significantly, the first chip was implanted in the human body in 1998.
What is the method of implant
The company says that this chip weighs less than 1 gram and is slightly larger in size than a grain of rice. It consists of a microchip and antenna. It is injected into the body through an injection. According to Walletmore, it does not need to be charged and remains stable in its place. The company has said that the material used in this chip is naturally available.
Must be in electromagnetic field for payment
The reading distance of this payment chip is very less. For payment, it is necessary that this chip should be in the electromagnetic zone of a RIFD or NFC reader. Payment will be made only when there is an electromagnetic coupling between the reader and the transponder.
concern about safety
In a survey conducted in 2021 among 4,000 people in the European Union and the UK, 51 percent said that they can definitely think about implants. However, the study also found that the biggest problem among people with this payment chip is security. Fintech experts say it certainly makes things easier, but people also have to think about what they are willing to sacrifice for convenience. She says that users will have to decide where they will set the boundary between privacy and convenience.