Fingerprint activated payment cards, are seen as the next major market innovation when looking at card based payments. Consumers will benefit by having a more secure and convenient method of payment that utilizes their own fingerprint to authenticate and complete transactions at checkout. The advanced security enabled by biometrics will remove the need for a 4-digit or longer PIN entry as well as allow for the elimination of transaction limits on contactless payments.
Commenting on the value of the technology, Kim Humborstad, CEO and founder of Zwipe said “ Many consumers are seeking out ways to avoid having to memorize 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. Having a more secure method of payment that does not infringe on convenience or consumer privacy is essential. Combining that with the ability to use the card for any type of transaction regardless of amount will make the card top of wallet and top of mind for the consumer.”
Referencing the announcement made by Gemalto, this first of its kind card being piloted by Gemalto and Bank of Cyprus is a fingerprint activated payment card which utilizes Zwipe’s unique energy harvesting capacity and biometric engine to enable the authorized user to complete contactless and contact transactions with the card, without the need for battery power. The card works with existing payments infrastructure as standard point of sale terminals provide the power necessary to operate.
Commenting on this latest cooperation for Zwipe, Kim Humborstad said “receiving Gemalto’s support in bringing our technology to market is a big step for our organization. They have an expansive customer base in every corner of the world and a leading industrialization capacity and know-how required for such innovative products. We share a common vision about the capabilities and capacity of what Zwipe’s technology can offer to banks and consumers moving forward.”