Biometric technology company Zwipe has joined with card manufacturer Gemalto to launch a fingerprint activated payment card pilot with the Bank of Cyprus.
The card utilizes Zwipe’s energy harvesting capacity and biometric engine to enable the user to complete contactless and contact transactions.
Using fingerprint recognition instead of a PIN code to authenticate the cardholder, the card is compatible with existing payment terminals already installed in the country.
When customers place their fingerprint on the sensor, a comparison is performed between the scanned fingerprint and the reference biometric data securely stored in the card. The card is also powered by the payment terminal and does not require an embedded battery.
Kim Humborstad, CEO and founder of Zwipe, said: “Many consumers are seeking out ways to avoid having to memorize difficult to remember passwords or PINs. Looking ahead this will be seen as a blast from the past as we continue to integrate the trust of biometrics into payment.
“Having a more secure method of payment that does not infringe on convenience or consumer privacy is essential. Combining that with the ability to use the card for any type of transaction regardless of amount will make the card top of wallet and top of mind for the consumer.”
Bank of Cyprus’ customers will enrol at the bank’s branches, using Gemalto’s tablet designed for the solution. The biometric personalization and card activation process is designed to avoid transmission of biometric data over the air to ensure that users’ data privacy is protected. The fingerprint template captured during the enrolment process is stored only on the card.
Digital security company Gemalto provides secure software, biometrics and encryption solutions. Its technology claims to enable businesses and governments to authenticate identities and protect data. The company provides solutions to wide range of industries including banking & payment, governments, IoT, Enterprise security, Mobile, and transport, among others.
Zwipe develops and commercialise biometric authentication solutions for three key areas: payment, access control, and ID. Its technology works with customers’ existing infrastructure and systems without the need for external databases, functioning with and without the need for batteries.
Last week, JCB, an international payment brand originating from Japan, annouced plans to start trialing a biometric palm print and vein identification authentication system next month. The card brand is running the tests with Universal Robot Co and the National Institute of Advanced Industrial Science and Technology.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
