Gemalto launches biometric powered credit card for contactless payments

Gemalto has been selected by Bank of Cyprus to supply the "EMV biometric dual-interface" payment card for both chip and contactless payments.

|

A generation ago, a consumer would visit the market or a mall to fulfill all of one's shopping needs and undoubtedly pay in cash. A lot has changed since then. Besides, the way people make payments is changing faster than any area of financial services, impacted by the changes in digital technology, competitive forces, and consumer demands. Understanding the trends in payments is important for any bank or credit union or any other firm wanting to serve the complete financial needs of consumers.

 

Gemalto launches biometric powered credit card for contactless payment

Well in an interesting development, digital security firm Gemalto on Friday launched a biometric-powered credit card with a contactless technology that uses fingerprint recognition to authenticate the cardholder.
Gemalto has been selected by Bank of Cyprus to supply the "EMV biometric dual-interface" payment card for both chip and contactless payments.

"Bank of Cyprus customers will be first in the world to enjoy biometric convenience on a contactless payment card. Gemalto's biometric sensor payment card is designed to provide maximum security and data privacy," said Bertrand Knopf, Gemalto's Executive Vice President, Banking, and Payment.

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 on the card. The biometric sensor card is powered by the payment terminal and does not require an embedded battery.

"Our customers will benefit from this innovative payment solution with the peace of mind that their biometric data never leaves their hands," added Stelios Trachonitis, Card CentreManager, Bank of Cyprus.

Mastercard last year unveiled a biometric card, which combines EMV chip technology with fingerprints to verify the cardholder's identity for in-store purchases. MasterCard had also announced that it has been working on a concept called selfie pay which allowed customers to approve their online purchases by taking a picture of themselves for verification. Apart from using their fingerprints to authenticate their purchases customers also have the option to use facial recognition technology.

 

This has been an innovative development as traditionally, online shoppers have been bogged down by endless password lists and credit card PINs. The use of new technologies like fingerprint scanning and facial recognition will not only offer a great deal of convenience but also an exciting and new form of security and identity verification for the consumers. With the rapid innovation in the field of biometric technologies, it will be no surprise if passwords soon become obsolete.

Inputs from IANS

Most Read Articles
Best Mobiles in India

Best Phones

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Yes No
Settings X
X