Four Singapore
Polytechnic students win an educational trip to Geneva
02 Aug 2005
Four students from Singapore Polytechnic are on their
way to the International Inventor's Exhibition in Geneva
after winning the NETS Innovator Series 2005 with a
cutting edge Biometrics future payments system.
The NETS Innovator Series 2005, jointly organised with
Mensa Singapore, challenged students to design future
electronic payment concepts. The competition was conducted
in 2 phases, stretching from April to July this year.
The winning team from the Singapore Polytechnic was
eventually chosen from a total of 26 entries.
The Singapore Polytechnic students devised a new payment
system that uses only the customer's thumbprint and
an approved Personal Identification Number (PIN). In
a quick three step process, consumers can be set up
ready to make mobile e-payments.
Firstly, consumers need to register an I-account with
NETS and the authorised bank. Upon registration, the
consumer's thumbprints will be stored in the database.
The consumer will also be given a PIN number. The next
time the consumer makes a purchase, he will only need
to tap his thumbprint on the NETS Point-of-Sale (POS)
machine and the transaction will be approved once the
thumbprint and PIN are verified. With their invention,
faster, hassle free and more secure transactions can
be carried. Consumers also need not carry different
credit cards or debit cards in their wallets.
"NETS is proud to support the NETS Innovator Series
as a way of encouraging innovation. We thought what
better way to find out than to ask tomorrow's generation
of consumers what they want to see in future electronic
payments technology. We value innovation and see a big
future in the area of Biometrics as part of our drive
to create a cashless society," says Poh Mui Hoon, NETS
CEO. "The competition also provided students an opportunity
to showcase their talents and further develop their
technical, business and marketing skills - all whilst
being mentored by NETS' executives and Mensa Singapore,"
she said.
"We were really excited about this competition, as this
is a great opportunity to put what we learn in school
to great use and gives us a chance to work with real
companies - something that we wouldn't normally be able
to do," says Augustin Chan, one of the winners from
the Singapore Polytechnic team E-Maniac.
The second and third runners-up for the NETS Innovator
Series 2005 with Mensa Singapore competition were from
the National University of Singapore and Meridian Junior
College respectively. Students from the top three teams
also won book vouchers worth $750 each.
"It was an extremely tough decision for the judges to
make as all the teams had put forward really strong
ideas. Eventually, the team from the Singapore Polytechnic
won due to their sound business and creative marketing
plans," says Marina Tay, President of Mensa Singapore.
