Many think that financial technology has reached its peak with blockchain. But I and thousands of Scandinavians beg to differ. What if I told you that in Sweden, there are tens of thousands of people walking around with microchips in their hands? Chips that they use to pay for their morning coffee, pay for their bus ride, or even gain access to their office areas and universities?
Sure, the last part may not be screaming fintech, but everything else does! It is the next step in financial technology that may soon become a go-to for millions of people worldwide due to its minimalistic design, record low risk to the user, and comfort beyond anything that other innovations have managed to put on the table.
How does the microchip work?
It’s quite a simple concept. A syringe is used to insert the chip, which the size of a rice grain under a person’s skin right on their finger. It is not noticeable at all, and quite affordable for the average Joe.
Many describe the procedure as a quick prickle on their finger or a momentary process of getting a tattoo. Almost nobody has reported any health issues or discomfort due to the microchip and it’s been live on the market for more than two years now.
Just in 2018 alone, NPR was reporting that thousands of Swedes had already received the implant and were using the microchip on a daily basis. Due to Sweden’s friendly digital landscape, the chip was also very useful in nearly every single shopping parlor a person could imagine. It could easily be paired up with a bank account and act as an invisible plastic card.
Many experts have already said that, had it not started in Sweden, the microchip startup may not have been as successful as it is today.
It’s hard to disagree with this statement. Due to the country’s affiliation with technology, a tech-savvy population, and a nearly cash-less society, it was the perfect environment for trying something truly disrupting.
A new take on money?
Well, not really. Biohax International, the company behind these microchips isn’t really inventing something new in terms of mediums of exchange. They’re just making a new tool to facilitate the exchange of money.
Experts from ForexNewsNow, a leading financial news outlet has also taken note of the startup’s potential in changing the current monetary landscape. The outlet doesn’t necessarily say that this is something related to new forms of money though, but it is indeed a completely new method for fund security.
“Today, if you lose your plastic card, you better notice it as soon as possible, because who knows who may find it and quickly drain it while they have the opportunity. Sure, the funds are recoverable, and if your account is insured, there’s nothing to worry about. But think about it this way. A plastic card that is literally on your finger and can’t get lost is a completely new sense of security that the majority of consumers.
One thing we at ForexNewsNow would suggest adding to the device is a mobile application that helps turn it off or on. At the moment, there are some issues that may arise with accidental swipes so to say, but everything can be easily ironed out.”
Potential for global adoption?
Multiple current microchip users have commented that they see absolutely no reason why this should not reach global markets and become “mainstream”.
The level of comfort it currently has and even the milliseconds it saves the user from just getting their wallet out of their pocket, taking the card out, and swiping is already value enough.
Sure there are some competitors in the form of CNICK for example, a tech startup that creates rings with pretty much the same functionalities, but the inconspicuousness of the microchip still manages to hold an edge over it.
In terms of global adoption, I personally think that it’s a bit too early for it. There is simply not enough adoption of the digital economy worldwide. Sure, it may work in countries like Sweden, the UK, Israel, and China due to their strong cash-less societies, but in developing nations, it may be a completely different story.
Nevertheless, nothing is stopping Biohax International from trying to penetrate a global market. It doesn’t seem like producing the microchip costs the company too much, nor would it be hard for them to export it to even the poorest of nations for implementation.
The biggest opposition about the microchips has to do with the moral dilemma of microchips in general. It’s usually perceived as an intrusion on the privacy of an individual. May have also commented that it may gather data without the user’s consent in several key moments, but not too many details have been disclosed about it.
Right now, the same arguments can be made about any chip-based technology, to be honest. The same can be said about plastic cards or even smartphones for crying out loud. So why prevent an innovation like this takes place in the world when we already know its potential from previous experiences.
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