Swedish-based Precise Biometrics’ algorithm solution for fingerprint recognition is part of the first market trial of dual interface biometric payment cards with $7 million West Jordan, Utah-based Mountain America Credit Union.
The payment card trial, carried out with Fingerprint Cards and Visa’s new division, Visa Ready for Biometrics, works with contact and contactless payments (dual-interface), and reportedly improves the customer convenience because there is no need for PIN codes to authenticate payments.
Authentication comes from placing a finger on the card, making it easier and faster to make payments, benefitting both retailers and consumers. The biometric card works in the existing retail infrastructure. The card’s testing among U.S. customers, begins in early 2018 to assess the cardholder experience and the technology of the biometric cards in different retail environments.
“I am pleased that we are part of the first U.S. market trials for biometric dual-interface payment cards from a global provider of payments solutions. The interest in biometric payment cards is high and Precise Biometrics is at the forefront of this area”, said Torgny Hellström, Chairman of the Board of Directors at Precise Biometrics.
In other payment news, the Secure Technology Alliance announced its agenda for the 2018 Payments Summit, held March 26-29, 2018 at the Omni Orlando Resort at ChampionsGate.
The agenda covers a variety of payments security-related topics, including new developments involving EMV chip technology, contactless payments, e-commerce, faster payments, mobile wallets, wearables and emerging IoT payments, blockchain, and the future of transit contactless payment systems.
The 2018 event will mark the first time that the U.S. Payments Forum will jointly hold its All-Member Meeting at the Payments Summit, bringing over 250 payments industry leaders from more than 150-member organizations including global brands, financial institutions, retailers, processors, mobile wallets providers, and payments industry technology and service providers.
It will also be the third time that the Secure Technology Alliance and the International Card Manufacturing Association are co-locating events, giving attendees a broader perspective from the core manufacturing and personalization of a card to the rapid evolution in secure payments.
“The Payments Summit is the only payments event that provides practical, actionable business and technical information that can be used to develop strategies and plans for implementing new payments technologies,” said Randy Vanderhoof, executive director of the Secure Technology Alliance. “Every year, attendees look forward to this event because it brings together the biggest players in the payments industry, creating unique opportunities to network and discover emerging trends. By bringing these three events together, attendees will get an even more inclusive, cross-sector view of what’s going on in the payments industry, and how to take advantage of new developments.”
