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Payment as Simple as the Touch of a Finger Liquid Inc. IP
Website: Liquid Inc.
Category: IT
Liquid Inc.’s biometric authentication eliminates the need for intermediate devices or information, improving convenience and security
Never worry about forgetting your credit card or wallet again. Liquid, Inc. is pioneering a new technology platform that allows consumers to pay with just the touch of their finger. By linking biometrics information to the consumer’s financial account, payment services can be transacted simply and securely.
Liquid, Inc. CEO Yasuhiro Kuda hit on the idea of biometric recognition when trying to split a bill among friends after an evening out: “It seemed strange that people needed something like a card that wasn’t part of their body,” he said. Kuda realized biometric authentication could offer more than mere convenience. Current authentication systems require some sort of intermediate device or information – a card, a smartphone, or a login password and ID. All of these can be compromised, he notes, while fingerprints and other biometric options provide much greater security.
Liquid brings biometrics to devices large and small
Liquid, Inc. CEO, Yasuhiro Kuda
Six months later, the young entrepreneur co-founded Tokyo-based Liquid, Inc. with the idea of using biometrics for authentication and payment services. Liquid’s technology, which has a domestic patent and will soon receive foreign patent protection as well, can support eye, face and fingerprint recognition, though initial applications of the technology utilize fingerprint recognition. Instead of manufacturing devices to capture biometric data, Liquid provides the platform to connect all aspects of the payment process, from authentication to transaction, via secure cloud-based servers.
From Being Called Crazy to Getting Callbacks
Companies in Japan were not particularly receptive to Liquid in the beginning, however. “We made a demonstration model and started doing sales activities at various companies, but they scoffed at our idea and said we were crazy.”
Yet after Apple Inc. launched Apple Pay, a service based on fingerprint technology, in 2014, Liquid's proposals started to look more sane, and the timing proved fortuitous. "Companies that previously dismissed our technology now called us back and said they wanted to learn more," says Kuda.
Liquid’s technology has already found several applications in Japan. The Kyushu-based amusement park Huis Ten Bosch adopted Liquid’s platform for payment services. Upon entering the park, patrons can register by inputting their name and phone number, then depositing a certain amount of money. After that, debit payments can be made at concession stands and gift stores using a fingerprint reader.
Liquid, Inc. enables a payment system that is close at hand
Kuda says the user experience at Huis Ten Bosch has been very positive, if not a little surprising. "We thought men would be eager to use the technology, particularly guys that are interested in high-tech. However, the biggest demographic that enjoyed using this feature was mothers with children, as this system is much faster than pulling out a wallet from a purse."
The Next Generation of Digital Banking
In February 2016, one of Japan’s larger financial institutions, AEON Bank, is testing out Liquid’s technology for cash withdrawal at certain ATMs. Kuda explains that account holders will be able to withdraw money using their fingers alone, eliminating misplaced cash cards or forgotten PIN numbers.
Having already garnered customers in Japan among hotel, banking, and telecommunications companies, Kuda now has his eyes on the market in Asia, where he also hopes to secure contracts in the same industries. Even more so than Japan, ID theft and security are significant issues in the larger Asia area, so Liquid’s biometric authentication method for payment, which is unique in the world, will especially be important. “If you are a company with concerns about security,” he says, “contact us.”
Based on interview in February 2016
Website: Liquid Inc.
