Touché forms partnership to offer biometric cryptocurrency payments
EDDITS, which is an acronym for Ethereum Decentralized Digital Identity Trust Services, provides digital identity management on Ethereum blockchain as an online service. Touché provides a biometric point-of-sale device, which grants access to the end-user’s wallet after scanning two fingers. EDDITS’ ERC725 and ERC735-based smart contracts then allow users to authorize the payment provider to initiate the transaction. Users enroll their fingerprints with Touché, and the company links them with a smart contract.
“This payment method will simplify cryptocurrency transactions for payment providers by removing the need for them to manage user wallets while still maintaining security for customers since each payment will require cryptographic proof generated on the Point of Sale device at the touch of two fingers,” said Touché Chief Executive Officer and Co-Founder Sahba Saint-Claire, according to e27.
EDDITS’ smart contracts allow users to leverage blockchain in compliance with current regulations, the companies say, and the partnership allows cryptocurrency transactions to be made more efficiently and at a lower cost.
Touché partnered with OCBC Bank earlier this year to offer biometric payments for in-person retail transactions.