Is That a Wocket in Your Pocket?

Biometric firm NXT-ID has announced an all-in-one payment system that is designed to replace all of your credit cards and allow you to pay through any mobile payment system with one device.

Called the “Wocket”, the device promises completely secure mobile payment transactions across any payments interface. The pocketable device will also allow users to store loyalty cards and gift cards as well as their credit cards and debit cards.

This isn’t the first all-in-one solution to be introduced; earlier this year, the Coin device made a huge splash in all the major tech and mainstream outlets with its promise to replace all credit cards forever. The only problem with the device: it doesn’t exist yet.

Wocket doesn’t exist yet either, and NXT-ID has not announced when it will be released. However, the company’s CEO Gino Pereira is already touting the product’s superiority to Coin, even if he doesn’t mention the nonexistent competitor by name. “There is growing demand and consumer interest for a product like this that protects privacy and prevents identity theft and there are a number of features that makes Wocket stand out from the crowd,” Pereira said in a press release.

The biggest differentiator comes from the company’s expertise in biometric technology. Pereira says that the device will only work with its owner, and will lock itself if anyone else tries to use it without authorization. “Wocket is biometrically secure, so only you can access it with your own unique combination of voice, PIN or pattern; each time your card is used the information on your card is zeroed, so it is useless to someone else who tries to use it or steal it,” said Pereira.

The company says the product will be released in 2014.