Financial news

Fingerprint Cards AB, a Sweden-based biometrics firm, is rolling out the first biometric payment card in Turkey, in partnership with digital security company Thales.

Beyond speed, security and convenience the Fingerprints biometric payment card also integrates with existing bank infrastructures and Point-of-Sale (POS) systems without requiring upgrades. The contactless biometric payment card has already been certified by major EMV payment schemes.

The Fingerprints biometric technology, which features a T-Shape sensor (T2) and biometric payment software, is also set to become part of the customer offering for Garanti BBVA, one of the largest private banks in the country, alongside Thales’ payment cards.

By adding the biometric payment card to its portfolio, Garanti BBVA enables its customers to remain at the forefront of secure contactless biometric payments.

Fingerprints’ newest launch marks its eleventh biometric payment card commercial rollout globally in collaboration with Thales.

Adam Philpott, CEO at Fingerprints, commented: “With our fast, secure and cost-efficient biometric payment sensor, our partnership with Thales is helping us drive innovation. As we continue to lower market barriers, and consumers make their preferences clear, interest from banks continues to grow. Banks that seize the opportunity can leapfrog the competition and enhance customer acquisition, brand reputation and fraud reduction.”

The Fingerprints biometric sensor scans as customers tap their contactless card on a payment terminal, capturing biometric data, checking to see if it matches its database and then authenticating the payment, in under a second.

Two-thirds of people have used biometrics and view them as easier and faster to use than traditional passwords, according to payments giant Visa. Frost & Sullivan, a research and consulting firm, has also predicted that, due to the rising demand for automated authentication and identification, the biometrics market will reach $54.97billion in revenue by 2025 – highlighting a desire for more secure payments across the globe.