The product consists of the HYPR-3 bio-sticker and exclusive first-run access to the HYPR-3 biometric mobile wallet – an entirely new type of fraud-proof digital payment platform.
HyprKey, the Silicon Alley fintech and cybersecurity startup, announced today that the company is taking preorders for the HYPR-3 biometric mobile wallet bundle. This bundle consists of the HYPR-3 bio-sticker and exclusive first-run access to the HYPR-3 biometric mobile wallet – an entirely new type of fraud-proof digital payment platform. In addition, the HYPR-3 sticker will work with any existing app that integrates with the platform’s API for authentication.
“Anyone can preorder HYPR-3 for only $20 right now on the company website and be part of the first batch of delivered units. There is no staggered rollout, no developer kit, or other form of closed run,” said HYPR Corp. CEO George Avetisov.
The app will launch with the following functionalities, each with its own implementation of the dynamic tokenization security the HYPR-3 bio-sticker provides.
Biometric Credit Card Payments:
Scan a credit card and add it to the HYPR-3 App
Tap an NFC reader and pay via credit card.
The card number is biometrically secured and tokenized, preventing it from ever being transmitted in plain text.
The credit card payment is processed on the cloud, and a user’s payment information is practically insulated from fraud or malware.
A user’s fingerprint never leaves the sticker, and is used to encrypt the credit card information.
HYPR-3 does not require merchant-side integration and will work at any credit card NFC terminal.
Spend or Receive Bitcoin:
Link a hosted wallet and pay anywhere bitcoin is accepted.
Tap an NFC reader or scan a QR code.
Access to a hosted wallet is biometrically secured and authentication is tokenized, providing an unparalleled level of security and convenience.
HYPR-3 does not require merchant-side integration and will work with any bitcoin public address.
Debit-to-Bitcoin Conversion Payments:
Users need not own bitcoin in order to spend bitcoin. HYPR-3 enables consumers to link their debit card and spend bitcoin without owning bitcoin.
HYPR-3 biometrically secures a user’s identity at the point of sale and allows him or her to spend bitcoin through real-time conversion.
The HYPR-3 debit-to-bitcoin conversion gateway will launch in June 2015.
The bio-sticker is 3.2mm thin, carries over a year of battery life, and communicates via low energy Bluetooth. The sticker is easily attached and removed and can secure multiple devices. Users may attach it to their mobile phone or phone case, or simply wear it as a keychain.
How it works: a HYPR-3 bio-sticker contains a small, removable mount that sticks to the surface of any device or phone case. The mount sticks to the back of the device, and HYPR-3 snaps right in.
HYPR-3 doesn’t require a separate charge or a separate carry, and combines the convenience of shopping with a mobile phone with the unparalleled level of security that used to come from paying with cash from one’s physical wallet. HYPR-3 is fast, versatile, secure, and at just $20 it’s designed for everyone.
The Protocol – 3rd Party Integration
HyprKey’s software engineers also designed HYPR-3 to be extremely versatile so users won’t have to wonder how many payment methods and merchants his or her digital wallet supports. As time goes on, company developers will add further support and integrate many more payment platforms.
HYPR-3 is more than an Android alternative to Apple Pay. It’s a biometric dynamic tokenization protocol securing access for any digital currency. HYPR-3’s open platform consists of the HYPR-3 biometric sticker and API, allowing third-party digital wallets to integrate with the HYPR-3 Factor Authentication protocol.
“Biometrically securing credit cards is cool, but that was the easy part. We’re aiming to provide the biometric tokenization protocol to secure all digital currencies and third-party wallets. Consumers should be able to access irreversible digital currency without having to worry about fraud, and we believe the HYPR-3 logic is the appropriate method of doing so,” said Mr. Avetisov.