It seems like pay-by-watch could become the new norm thanks to a recently patented technology from SSENSTONE, a leader in smart wearable tech. The new system, mentioned in patent number US11783313B2, is designed to keep our financial transactions safer and more convenient.
At present, when making purchases using credit or debit cards, there's always the risk of card data leakage. This can happen when the card number is visually exposed or transmitted to a Point of Sale (POS) device. This problem has compounded with the advent of wearable gadgets with payment features, as such devices are often used only for offline payments due to security concerns. Adding to the burden, users have to go through the tiresome task of inputting and registering payment information for each new device they acquire.
This new solution from SSENSTONE aims to prevent code leakage by using a unique virtual code for each transaction. It's like a one-time password that changes every time you make a payment, offering a highly secure and efficient alternative to the conventional system.
The technology also allows new devices to be easily added for payment. Say, for example, you buy a watch capable of making payments. This watch shares the exact same user identification (UID), that is, a special secret address, with your other devices. So, you'd no longer need to go through the same registration steps for each of your devices, including your smartphone and smartwatch.
Imagine going jogging with just your smartwatch, leaving your phone and wallet at home. After an exhilarating run, you stop at a café for a refresher. Instead of digging around for cash or a card, you simply tap your watch against a sensor, it creates a unique secret code for that single payment, keeping your cash safe while making the payment process a breeze.
But it's important to note that while this looks promising, the innovation is only covered by a patent for now. Whether this technology will finally hit the market is unknown. Patents don't always translate to product releases, so the whole thing could be nothing more than a beautiful concept. What can be said for sure, though, is that if the SSENSTONE's technology does make it to the market, it will bring an exciting change for secure, easy, on-the-go payments.
In conclusion, this patent showcases SSENSTONE's ongoing commitment to developing safer, more convenient ways to make payments with wearable technology. It promises to make life easier for shoppers and joggers alike, all while keeping their money safe in a fast-paced, increasingly digital world.
P.S.: A patent is only a license proving an invention's uniqueness. It doesn't necessarily mean the invention will make its way to the market.