Pay By Touch
Encyclopedia
Pay By Touch was a company founded by John P Rogers. It was a privately held company which enabled consumers
to pay for goods and services with a swipe of their finger on a biometric sensor. It allowed secure access to checking
, credit card
, loyalty, healthcare, and other personal information, through the unique characteristics of an individual's biometric features, thereby creating a highly secure
anti-identity theft
platform.
The company was based in San Francisco, California
with 10 offices worldwide. Over time it raised more than $340 million in venture finance investments. By 2007, investors in Pay By Touch included former National Football League
players Drew Bledsoe
and Rick Mirer
.
In 2006, Pay By Touch acquired competitor, BioPay LLC. At the time of the acquisition BioPay had more than two million enrolled consumers and offered both biometric payments and biometric-based payroll check cashing.
Pay By Touch had over 800 employees and provided retailers with products in biometric financial transactions, biometric age verification, loyalty and personalized marketing, and payment processing. On March 19, 2008, without notifying its customers, Pay By Touch shut down and is no longer in operation. A group of investors later sued financial services firm UBS, alleging that they had encouraged clients to invest in Pay By Touch without revealing information about the criminal history of the company's founder.
All check cashing assets were acquired in 2008 by Phoenix Check Cashing, Inc. In 2009, Phoenix Check Cashing changed its dba name from BioPay Paycheck Secure to AllTrust Networks.
Much of the assets of Pay By Touch are now owned by YOU Technology.
Consumer
Consumer is a broad label for any individuals or households that use goods generated within the economy. The concept of a consumer occurs in different contexts, so that the usage and significance of the term may vary.-Economics and marketing:...
to pay for goods and services with a swipe of their finger on a biometric sensor. It allowed secure access to checking
Cheque
A cheque is a document/instrument See the negotiable cow—itself a fictional story—for discussions of cheques written on unusual surfaces. that orders a payment of money from a bank account...
, credit card
Credit card
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
, loyalty, healthcare, and other personal information, through the unique characteristics of an individual's biometric features, thereby creating a highly secure
Secure
Secure may refer to:* Security, being protected against danger or loss** Securitate , the secret service of Communist Romania* Security , e.g. secured loans...
anti-identity theft
Identity theft
Identity theft is a form of stealing another person's identity in which someone pretends to be someone else by assuming that person's identity, typically in order to access resources or obtain credit and other benefits in that person's name...
platform.
The company was based in San Francisco, California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
with 10 offices worldwide. Over time it raised more than $340 million in venture finance investments. By 2007, investors in Pay By Touch included former National Football League
National Football League
The National Football League is the highest level of professional American football in the United States, and is considered the top professional American football league in the world. It was formed by eleven teams in 1920 as the American Professional Football Association, with the league changing...
players Drew Bledsoe
Drew Bledsoe
Drew McQueen Bledsoe is a former football quarterback in the National Football League, best known as the starting quarterback for the New England Patriots from 1993-2001. During the 1990s, he was considered the face of the Patriots franchise...
and Rick Mirer
Rick Mirer
Richard Franklin Mirer is a former American football quarterback in the National Football League. After a successful collegiate career at the University of Notre Dame, Mirer was drafted by the Seattle Seahawks with the second pick in the 1993 NFL Draft. Mirer was traded to the Chicago Bears during...
.
In 2006, Pay By Touch acquired competitor, BioPay LLC. At the time of the acquisition BioPay had more than two million enrolled consumers and offered both biometric payments and biometric-based payroll check cashing.
Pay By Touch had over 800 employees and provided retailers with products in biometric financial transactions, biometric age verification, loyalty and personalized marketing, and payment processing. On March 19, 2008, without notifying its customers, Pay By Touch shut down and is no longer in operation. A group of investors later sued financial services firm UBS, alleging that they had encouraged clients to invest in Pay By Touch without revealing information about the criminal history of the company's founder.
All check cashing assets were acquired in 2008 by Phoenix Check Cashing, Inc. In 2009, Phoenix Check Cashing changed its dba name from BioPay Paycheck Secure to AllTrust Networks.
Much of the assets of Pay By Touch are now owned by YOU Technology.