Swidch SmartCard: a secure fingerprint IoT payment card for the elderly with patented OTAC™ technology.

Nearly 9% of the UK population have been victims to financial crime in 2018\. Especially the elderly fall prey to card fraud whereby a large share of financial crime against the elderly is carried out by relatives or carers and a majority of that involves payment cards. A large share of those over 65 give their PIN to someone else or have it written down with their card.

The current chippn or card-based payment systems cannot protect from this kind of fraud and especially exposes the elderly to financial hardship.

SwIDch's SmartCard will be just like a regular payment card in size, shape, and functionality. However, its embedded nano-optoelectrical fingerprint sensor activates an integrated microchip running the OTAC algorithm which creates a new set of credentials(card number/CVC/expiry date) for every use.

The SmartCard can be used like a conventional card for contactless or terminal payments---with the only difference that before every transaction the fingerprint scan creates the credentials. For the payment processing on the bank's side the transaction gets processed similarly to that of a disposable virtual card, however the customer does not need a smartphone let alone internet connection.