Fingerprint Cards (FPC) has issued a statement on the future of biometric payments in response to the COVID-19 pandemic. The company notes that public health concerns have created more interest in contactless payment solutions, and that many financial institutions are raising the payment cap for contactless transactions to allow more people to make purchases without touching a keypad or a payment terminal.
However, the uptick in contactless transactions also creates a greater need for strong security. Many people do not yet trust contactless payment options because they do not trust the security features that have been set up to stop fraudsters that try to take advantage of higher payment caps.
FPC’s statement attempts to address those concerns. The company highlighted its pioneering efforts in the biometric card space, arguing that biometric fingerprint technology can facilitate contactless payments while preventing any unauthorized transactions. To that end, FPC technology has already been featured in 20 contactless card pilots around the world. Since then, that tech has appeared in the first commercially available biometric bank card, as well as a Thales card that received Mastercard certification earlier this year. The Thales card is the first contactless biometric payment card to achieve that distinction.
FPC indicated that it will continue to advance those efforts in collaboration with its partners, which include card manufacturers and issuers in addition to secure element and inlay providers. The company stressed that it is willing to work with any organization that shares its objectives.
“Since we first began our mission to develop biometric payment cards, it has always been clear to us that partnership and collaboration will be necessary for success in this market,” said FPC Payments & Access SVP Michel Roig. “We are well positioned to drive this proven technology and bring consumers the trust and experience needed for contactless payments.”
April 8, 2020 – by Eric Weiss