Tag System Fingerprint Partners for Biometric Cards

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Swedish Biometrics Society Fingerprints partnered with Andorra Label systems launch contactless biometric payment cards.

As a result of this partnership, the two companies will launch an advanced biometric payment card solution based on Fingerprints’ biometric technology, which is already integrated into more than 30 pilot projects and commercial launches around the world, according to the press release from the society. To facilitate the launch, the two companies will leverage Tag Systems’ payment card solutions and services based on ST Microelectronics’ STPay-Topaz-Bio, as well as the pre-certified T-Shape (T2) sensor module second generation and Fingerprints software platform. .

Fingerprints officials said in the company’s press release that their goal is to address consumer security concerns while maintaining and even improving the contactless payment experience. By partnering with Tag Systems, they aim to make biometric cards the premium choice for consumers.

With these new cards, users will be able to approve transactions through fingerprint authentication, resulting in safe and convenient payments for everyday purchases.

More information on biometric payment cards

According Fingerprints, biometric payment cards incorporate certified biometric sensors and algorithms to allow cardholders to authenticate themselves with their fingerprint. When the contactless card is tapped on the terminal, its biometric sensor scans the user’s fingerprint and is able to capture the data, match it and approve a transaction in less than a second. With biometric cards, users no longer have to worry about card skimming, lost or stolen cards, or remembering their PIN codes.

Regarding adoption, Fingerprints says it has supported commercial launches in Europe, Mexico, the Middle East, Africa and India. As more issuers and card manufacturers adopt these biometric authentication solutions, the adoption of contactless biometric payment cards is gaining momentum.

According grandviewresearch.com, the global Biometric Payment Card market size was valued at USD 75.3 million in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 62.3% from 2022 to 2030. This growth can be attributed technological improvements and worldwide acceptance of the contactless payment method. Compared to Near Field Communication (NFC) cards, biometric cards are gaining popularity due to their higher transaction limit for contactless payment transactions.

One thing that might limit the market growth of these cards over the forecast period is the high cost associated with them. However, biometric payment card fees are expected to drop as market players collaborate to reduce costs.

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