Bank of Cyprus pilots fingerprint activated payment card
According to Gemalto, consumers will benefit by having a more secure and convenient method of payment that uses their own fingerprint to authenticate and complete transactions at checkout.
The firm says the security enabled by biometrics will remove the need for a four-digit or longer PIN entry, and eliminate transaction limits on contactless payments.
Kim Humborstad, CEO and founder of Zwipe, says: “Many consumers are seeking out ways to avoid having to memorise 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.”
The companies point out that the card works with the existing payments infrastructure as standard point of sale terminals provide the power necessary to operate.
In February 2017, Bank of Cyprus selected Dovetail’s (now part of Fiserv) payment solution to support Swift, Target2, SEPA credit transfer and direct debits. The project is part of the bank’s ongoing digital transformation programme.