I swung by an ATM machine earlier today to get some cash - you know that paper-based currency that used to be quite popular. With debit and credit cards, I often go days without cash in my wallet. San Francisco-based Pay By Touch Solutions wants to take the paperless society even further with biometric technology that lets you pay for a purchase by swiping your finger across a scanner, punching in a PIN. The company raised $130-million in financing today to bolster its growth strategy, which has been highlighted by a pilot project run by the Piggly Wiggly grocery market chain. Silicon Beat gives Pay by Touch credit for tapping hedge funds "sloshing" with cash given the $130-million consisted of $55-million in convertible notes and $75-million in loans.
Speaking of payments systems, I met last week with the Mint Inc., which is trying to promote the idea of pre-paid credit cards. One of the areas they want to target is online purchases by people - i.e. teenagers - who don't have credit cards or can't convince their parents to hand over the Visa. While the technology is interesting, I can't see a huge market for pre-paid credit cards. I mean, how many people are still worried enough not to be put their credit card numbers on the Web? And who wants to give Visa or Mastercard your hard-earned money before you really need to do it?