March 14, 2017 -
Irish startup Touchtech Payments, which offers a solution that uses biometrics to authenticate online payments, is preparing to expand in Germany, France and Kuwait, according to a report by Irish Examiner.
Touchtech has developed biometric payment technology that uses smartphones to authenticate users through a range of factors including fingerprinting and facial recognition.
Launching its first product in 2015, Touchtech became the first Irish firm to offer a MasterCard and Visa certified payment fingerprint authentication system.
The company currently has seven customers including Optimus Cards, which provides card-to-credit unions in Ireland and the UK, and a bank in the Middle East.
Touchtech is appealing to financial institutions who are looking to differentiate themselves from competitors by making transactions user-friendly, secure and compliant.
The company recently launched biometric authentication software, which allows financial services customers to log in to their accounts using fingerprint scanners embedded on their smartphones.
Later this year, the company will launch an e-signature system which allows users to verify their identity online for legal purposes.
Over the coming months, Touchtech’s technology plans to go live with several customers including banks in Germany, France and Kuwait.
“Our biometric login will be rolled out to 1 million credit union members and by the end of this year we expect our technology to have 6 million users,” Hogan said.
Considering the company’s authentication software has been certified by Mastercard, Hogan believes that Touchtech is well positioned to supply European financial institutions with the software they need to comply with the EU payments directive.