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Do You Want a Wocket in your Pocket?

Peter Reville |

A recent article on PYMNTS.com introduces us to the latest payment gizmo, Wocket.  As I understand it, the Wocket is an independent piece of hardware biometrically locked that stores multiple cards. Once the device is unlocked, the Wocket sends the relevant card information is sent to a dynamically programmable “card” that comes with the wallet.  It is that programmable card that is presented at the POS.

By the way, the Wocket ain’t free.  The company has yet to state a price, but I can’t imagine it’s going to come cheap.

wocket in my pocket blog photo

So let’s think about this for a second.  This is a separate device one needs to carry around along with a cellphone and a wallet; buyers still need to swipe a card, and they have to pay for it. Aside from the whizbang aspect of this product, the main selling point appears to be security. Is this a compelling enough value proposition for consumers? Apparently you can accessorize. According to Wocket’s website:

You may choose accessories! Wocket™ is the first wallet to be fully accessorized to offer various styles, textures and colors to support a variety of common uses. For example, multiple interchangeable accessories enable users’ full customization of Wocket™ to take one accessory to the gym while choosing another accessory for a social event. Wocket™ is the first smart wallet that can also set a new fashion statement.

Make secure payments and accessorize? Sign me up.

Hmm.  Haven’t we been down a similar path before? Late last year I wrote about Coin, another separate device used to make point-of-sale payments, and its long road ahead.

I get it, consumers want secure payments and they want to control who sees their information and what is done with it, but how simple do they  want this security to be?  I don’t know if buying, and then carrying, a separate gizmo is something that consumers are willing to adopt. Maybe the message here is for those who control consumers’ existing products, like digital wallet solutions, to explain their security bona fides.

Topics: Big Data, Credit, Debit/Prepaid, Payments Strategy

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