'Fingopay' Authenticates Sales Using a Finger-Vein Reading System
Ellen Smith — July 5, 2017 — Business
References: fingopay & biometricupdate
Nets, a Nordic payment provider is exploring the possibility of trialing 'Fingopay' a biometric payment method that utilizes a finger-vein reading system to eliminate credit cards and pin numbers while enhancing personal security.
An infrared light scans users' prints, creating a '3D map' of the veins in the user's finger. Customers can then register their unique vein pattern as a preferred payment method, essentially linking their bank account to their finger tips. At cash points, customers will scan their finger -- if the vein pattern from the device matches the registered vein pattern, the sale is authenticated.
This biometric payment method would offer users a more secure alternative to easily compromised credit cards while also providing an efficient and potentially line-eliminating system.
An infrared light scans users' prints, creating a '3D map' of the veins in the user's finger. Customers can then register their unique vein pattern as a preferred payment method, essentially linking their bank account to their finger tips. At cash points, customers will scan their finger -- if the vein pattern from the device matches the registered vein pattern, the sale is authenticated.
This biometric payment method would offer users a more secure alternative to easily compromised credit cards while also providing an efficient and potentially line-eliminating system.
Trend Themes
1. Biometric Payment Authentication - Fingopay's finger-vein reading system could replace traditional payment methods and eliminate the need for passwords or pins.
2. Enhanced Personal Security - Finger-vein reading technology offers enhanced security measures that could disrupt the security industry.
3. Increased Payment Efficiency - Biometric payment methods could streamline the payment process and disrupt the payment processing industry.
Industry Implications
1. Payment Processing - Fingopay's biometric payment method could disrupt the payment processing industry by replacing traditional payment methods.
2. Security - Finger-vein reading technology could disrupt the security industry by introducing new authentication methods.
3. Retail - Biometric payment authentication could improve the retail customer experience by providing a more efficient and secure payment option.
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