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To: Ruffian who wrote (70455)	4/12/2000 9:51:00 PM
From: LBstocks	Respond to of 152472

Wireless phones could soon replace plastic credit cards Wireless phones with special chips that store your fingerprints will soon replace plastic credit cards. Earlier this week, PASS21Co. signed agreements with BC Card Co. and Peace Bank to start PASS (physical authentication security system) Bio Phone service in October. The PASS Bio Phone has a special chip which stores a person's fingerprint used as the authentication key and features a credit card function, in addition to offerings by the regular wireless phone. The wireless phone, currently being developed in conjunction with Samsung Electronics, is installed with a chip-based sensor that analyzes the pattern of sweat glands located at the fingertips in addition to the fingerprints. The built-in sensor chip recognizes the fingerprint of the user, converts it into electric signals, which are then sent to a black box loaded on a typical credit card reader by infrared data access. There is no need to enter passwords or sign sales slips to complete the transaction. "The phone eliminates the need to remember passwords, and losses from card frauds can be prevented," said president of PASS21 Lee Jung-myung, in explaining the virtues of the new wireless handset. In fact, your fingerprint acts as an on-and-off switch for the handset. "Since the phone can only be switched on by having your fingerprint authenticated, there is no need to worry about losing your phone and paying for calls you didn't make," said Lee. Last September, the Ministry of Finance and Economy approved the use of the PASS Bio Phone to be used as a credit card, paving the way for the wireless handset to be used as a payment method. The company, which also has Samsung Card in alliance, is confident that more credit card companies would offer the service in the near future, as they want to avoid paying for charges in dispute. According to the company, handling fees may also be reduced if the shops do not need to send sales slips to credit card companies, as the records of sales are already stored in the central database. According to the company, shops will have no reason to be reluctant to offer the service, as they only need to install a black box costing about 10,000 won on their card readers. As for the consumers, the handsets will be given away free by the credit card issuing company when signing up for cards. The users may also opt to keep their current wireless phone numbers. "Credit companies and wireless carriers will subsidize the cost of the phones," explained Lee. According to the company's projections, about one million credit card accounts using the Pass Bio Phone will be issued along with 100,000 member shops within the next year. Updated: 04/13/2000 by Kim Hoo-ran Staff reporter