London-based Sthaler is hoping to shake up the payments industry with a new biometric solution that does away with cards, smartphones, and any other equipment on the user end.
Called FingoPay, the system directly connects a user’s biometric profile to her payment information. It’s based on finger vein scanning, using Hitachi-made infrared scanners to detect the unique patterns in users’ fingers, and then encrypting that data for use as a biometric key.
The Memo reports that Sthaler has been testing the solution with Worldpay at its office restaurant, and with the Visa Europe Collab program. Visa has demonstrated its interest in direct biometric payments elsewhere, too, partnering with Safran (formerly “Morpho”) to let consumers make payments with a wave of the hand.
But with fingerprint authentication starting to catch on in a big way via the emerging mPayment platforms Apple Pay and Samsung Pay, Sthaler’s FingoPay solution could find broad appeal—especially as the Japanese government explores direct, finger-based biometric payments ahead of the 2020 Tokyo Olympics and Paralympics. FingoPay is already slated for launch in a London bar this summer, and Sthaler CEO Nick Dryden says his company is aiming to get various other merchants across the UK onboard within the next year.
Source: The Memo
July 20, 2016 – by Alex Perala