FIs adopt biometric payment cards


Last month, biometric payment cards that incorporate fingerprint readers received a significant boost thanks to the publication new specifications by EMVCo, the global card standards body owned by Mastercard, Visa, American Express, Discover, JCB and UnionPay.

Among other things, the new EMV contactless core specification aims to accelerate the evolution of biometric authentication for contactless card payments, paving the way for widespread adoption of the technology.

A Brief History of Fingerprint Payment Authentication

The concept of fingerprint payment authentication was first popularized to verify the identity of e-commerce transactions on mobile.

Although the first mobile device to feature fingerprint scanning was the Pantech GI100 in 2004, it wasn’t until Apple introduced the technology in 2013’s iPhone 5S that fingerprint-based biometrics became a reality. a viable option for mobile payment authentication.

Once the technology became a standard feature of most smartphones, it was only a matter of time before biometric mobile payments began. For example, PayPal first rolled out limited fingerprint authentication in 2014, followed by a broader launch in 2017.

Learn more: Ditching passwords could unlock a $59 billion biometrics market

Since then, fingerprint-based payment authentication has evolved into biometric payment cards incorporating a fingerprint scanner into the card, allowing cardholders to make secure contactless payments without having to take out their telephone.

And although there have been trials and small runs of these biometric payment cards since 2017, such as the first Mastercard present technology five years ago, BNP Paribas is considered the first to achieve a large-scale launch. He combined the security of fingerprint verification with the convenience of NFC tap-to-pay when his biometric payment card was introduced Last year.

The product has removed the cap on contactless payments for its cardholders, with fingerprint authentication taking the place of entering a PIN code for transactions over €50.

See also: Samsung launches comprehensive fingerprint security for payment cards

Adoption of biometric payment cards is gaining momentum

Across Europe, several major banks are either in the pilot phase or in the initial stages of introducing the technology to their customers. Companies specializing in technology find themselves in high demand.

For example, Swedish biometrics company Fingerprint Cards recently announcement that it had partnered with card maker Tag Systems to launch the solution for its banking and FinTech customers worldwide.

Related: Fingerprint Cards, Transcorp Offers India’s First Contactless Biometric Card

Collectively, the AUTRIACard group companies, of which Tag Systems is a part, manufacturing 100 million payment cards each year across Europe, the Middle East and the United States, with customers that include major European banks, innovative banks and non-bank card issuers.

As such, society’s move towards fingerprint cards paves the way for the adoption of biometric payment cards to become mainstream.

Another of Europe’s biggest card game players, Thales, has also increased its capacity in the biometric payment space.

The technology provider behind BNP Paribas’ fingerprint cards, Thales has also helped Bank Pocztowy in Poland and UK group NatWest deploy their own biometric payment cards. And last month, another French bank, Societe Generalehas also made biometric Visa cards available to its business customers in Morocco.

Continue reading: Polish bank deploys biometric cards via Thales, Fiserv and Mastercard

That same month, the first biometric payment card to arrive in the United Arab Emirates (UAE) was spear in the form of a Majid Al Futtaim private card issued in collaboration with Idemia, another European card giant, and First Abu Dhabi Bank.

Learn more: Biometrics offers customers in the MENA region secure and frictionless online authentication

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How consumers pay online with stored credentials
Convenience drives some consumers to store their payment credentials with merchants, while security concerns give other customers pause. For “How We Pay Digitally: Stored Credentials Edition,” a collaboration with Amazon Web Services, PYMNTS surveyed 2,102 US consumers to analyze the consumer dilemma and reveal how merchants can overcome holdouts.

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