Today buyers have to deal with PIN codes and passwords, and despite all warnings, are often guilty of using same passwords for multiple accounts, actually making them less secure. Yet, all this may be a thing of the past very soon, as the expansion of mobile payments at a global level has increased the need for a more secure alternate authentication system: mobile biometrics based in the cloud.
The market for biometrics payment is set to grow with MasterCard and Visa as key players, while mobile wallet vendors like Google and Apple and mobile device companies such as Samsung are also building solutions.
What is a Biometric Payment Card and How does it Work?
Currently, biometric payment cards are in trial across some banks in Europe. The main benefit of using a biometric card is security; instead of entering a PIN code during purchase, you touch the fingerprint reader on the front of the card, and upon matching with the stored fingerprint, the payment is approved. Since the fingerprint data is always stored in the card, it cannot be stolen or intercepted.
Sthaler is an early stage identity and payments technology business which enables a consumer to identify themselves and pay using just their finger at retail points of sale. The company developed Fingopay, using VeinID technology, in partnership with Hitachi. Blue Star Capital PLC (LON:BLU) is an investing company with a focus on new technologies. Blue Star’s investments include a 0.9% holding in Sthaler.
