Wocket or Coin or Wallet: It’s all up to us
Ted Hubert

Do you have a “Wocket” in your pocket? Do you have a “Coin” in your pocket?

No not that kind of coin. “Wockets” and “Coins” are both electronic devices that have been developed to keep your wallet from bulging with all your credit cards, and debit cards.

The Wocket can carry data found on 100 of your plastic cards and is usable anywhere you can use your cards now. However it is restricted to credit card processing.

The Coin will do the same as the Wocket but it is not restricted to credit cards and debit cards. It will hold data for gift cards, loyalty cards, and membership cards and it is about the size of present day credit cards.

How safe are the Wocket and Coin from fraud and misuse?

When making a transaction, if the telephone is disconnected the Coin locks down and cannot be reactivated unless you authorize it through the use of multiple factors.

The Wocket is activated through voice biometric algorithm or through a unique identifier on a touch-screen.

The expense for these devices by summer will be about $100 and adventurous consumers can buy them now for half price.

Google is set to enter the digital payments market this summer through the Google Wallet card.

It will use the near-field communication chip, like those used at toll collection systems.

Point the smart phone and a sensor will capture the bar code and bill you for the toll amount. You must provide a pin to complete the transaction.

The purchase is automatically charged to the credit card or debit card linked to the telephone.

The mobi le payment industry is ready to supply Wallets to millions and google wants to be leader in this effort.

Google expects mobile payment purchases to quadruple to an expected $630 billion this year.

This is the next big hurdle to jump for the elderly. If we can put aside the dread of learning how the Wocket, Coin and Wallet programs work.

We might find that these methods of purchasing goods might guard against identity theft, be more convenient to use and they will eliminate the clutter in the purses and billfolds. Do we want the Wocket, Coin, or Google wallet? Just to name three choices made available to the masses this summer. You only need one, I guess.

The price tag may help us decide the one to take home.

You can expect to hear much more about why to buy, when, and where. Look for newspaper ads.

Spots on the TV and radio stations and listen to relatives and friends when they tell you what they bought from legitimate companies.

Con artists will offer unbelievable deals so remember if it is too good to be true, it probably is.

The youth in the 1940’s watched newsreels at the local picture show.

Our kids had television and today’s youth are texting with rapid movement of their thumbs and tomorrow’s youth will be involved in things unknown to us today.

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2014-02-27 digital edition

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