One of the earliest implementation of biometric technology for authentication, fingerprint sensors have been around since 2007. But it wasn’t until the iPhone 5S’ launch in 2013 that recognition of its potential mass adoption grew. With analysts forecasting a US$50 billion biometric industry, vendors are racing to introduce commercial-grade biometric solutions to support payments.
Bank of Cyprus will be replacing PIN code with biometric technology to authenticate cardholder. It what Gemalto claims will be the world’s first EMV biometric dual interface payment card for both chip and contactless payments.
How it works
Bank of Cyprus' customers will complete the swift enrolment process at the bank's branches, using Gemalto's tablet designed for the solution. The biometric personalization and card activation process is designed to avoid transmission of biometric data over the air to ensure that users' data privacy is protected. The fingerprint template captured during the enrolment process is stored only on the card.
When customers place their fingerprint on the sensor, a comparison is performed between the scanned fingerprint and the reference biometric data securely stored in the card.
Bertrand Knopf, Gemalto's executive vice president, Banking and Payment"Using biometrics for contactless payments is a natural move as it fits in naturally with the gesture used to pay. It allows a better user experience, enabling higher transaction amounts without entering a PIN while benefiting from the convenience of contactless," said Bertrand Knopf, Gemalto's executive vice president, Banking and Payment.
Future prospects
Michael Au, Gemalto senior vice president for Banking and Payment in AsiaMichael Au, Gemalto senior vice president for Banking and Payment in Asia admitted that the biometric sensor payment card technology is still relatively new but sees strong potential for the technology. “In the future, we expect more banks – across the world and in Asia Pacific – to increasingly incorporate biometric elements – specifically fingerprint technology in this use case – into the physical banking cards for authentication and security purposes,” he added.
He cited four important reasons for this positive outlook:
First of all, biometric technology, specifically fingerprint technology, is relatively mature and has been widely adopted in other sectors, such as for e-government services and for smartphones. “This means the consumers are familiar with the technology; have trust in it; and are more inclined to use it when it is incorporated into their banking cards,” he postulated.
Secondly, biometrics fits well into the multi-factor authentication process when conducting a transaction. A strong multi-factor authentication process comprises three parts – what you have (a device, a token, or a card); what you know (PIN or password); and who you are (ICs, biometric information).
“Biometric information simultaneously functions as a form of password and a type of identification for the user, hitting two birds with one stone. As a result, consumers are now able to conduct higher value contactless transactions quickly and securely at the payment counter. All you need is to hold the card with your enrolled finger on the fingerprint sensor; the card can verify your biometric data – a much faster and improved payment experience overall,” he explained.
Thirdly, the fingerprint technology is easier to implement; has a high accuracy rate; and can fit into a standard size banking card without encroaching into the space for other technologies. It is the ideal technology for financial institutions.
Finally, incorporating biometric technology into the banking cards does not require an overhaul of the existing payment structure, as all biometric information is securely stored in the cards and is not sent over-the-air to anyone. “The authentication is done in the card itself. The biometric payment card is based on EMV standards and can work with any EMV-enabled POS terminal. This means banks can anticipate minimal to no pushback from retailers and merchants for this implementation,” he concluded.
---
Quelle/Source: Enterprise Innovation, 16.01.2018
Bitte besuchen Sie/Please visit:
