I am aware of a system called VeriCool, by Anteon, which was used a few years ago in schools. So it's not a new idea. So far as I know, it has now been abandoned because of privacy concerns.
Simon, I know it's not a new idea. Biometrics are used for attendance in offices or at immigration or some times log in to your system.
But I would like to know if this concept is used for financial transactions or services like traveling card replacement in other countries. We all use credit/debit cards or cash, be there at local
grocery shop or restaurant or traveling, every time you need to carry your wallet and cards. With touch & pay you need not to buy a ticket or card while traveling in metro/bus/tram, just scan your
bio metric and you are ready to board. Even if you are traveling to other country, your bio metric system is connected globally.
National Payments Corporation of India is contemplating to usher in system of payments based on AADHAR (UID) which has biomwetric database directly form linked bank account to merchant bank account.
I was recently considering a job with a company that was looking at integrating finger print scanning / ID technology within credit cards with a view to replacing PIN entry. Not quite what you are discussing as I think you are proposing getting rid of the credit card altogether and using just biometrics for payment. This card plus biometric technology is a step towards that. It is being trialled by at least one big player in the credit card market (see link below).
There are a number of concerns with using just biometrics for payment. Security and privacy being just a couple. However, that is not to say that in future that there won't be suitable solutions that addresses these concerns.
