South Korean credit card issuer BC Card to adopt biometric identification
Next month, South Korean credit card firm BC Card will become the first local financial institution to provide a biometric recognition and settlement service with the use of a new fingerprint scanning system, according to a report by The Korea Bizwire.
The country’s financial sector, including banks and credit card firms, are slowly adopting biometric identification technologies to keep pace with the rapidly evolving security and customer authentication needs.
The Financial Services Commission, South Korea’s top financial regulator, eliminated legal and administrative barriers in May to allow financial companies to deploy biometrics and other authentication methods beginning in September.
BC Card will enable those customers with iPhone 6 and Galaxy S6 smartphones to log on to the company’s mobile application with a single finger touch on the device and make secured payments.
The company said it decided to deploy the fingerprint identification technology because it provides a greater level of security and convenience in financial transactions compared to traditional identification methods such as passwords.
“The biometric authentication technologies have developed to a certain level, so that now it can be applied to the financial payment system,” said Lee Moo-yeon, head of the fintech technology team at BC Card. “We’ve secured high accuracy, or match rate, using a fingerprint scanning tech in this finance field.”
Previously reported, credit card companies and Canadian banks are developing biometric authentication technologies to enable customers to validate transactions both in-store and online using biometric identifiers.