Morpho collaborates with Visa to promote biometrics-based payment technology
Morpho (Safran) is contributing its expertise in biometrics as part of a Visa Europe exhibition in Paris, France this month.
The “Visa Explores the Future in Paris” travelling dome event is open to the general public and will stop at different locations across the city from April 7 to 23. In a specific area of the dome dedicated to innovations in payments, Morpho will present biometric solutions that combine security and facility for consumers when making purchases
The first demonstration includes the use of MorphoWave technology for Visa proximity payments, a touchless solution that captures and matches four fingerprints with a single hand movement in less than a second. The second demonstration features authentication of a Visa online payment with facial recognition via a smartphone.
Back in February, Morpho and Visa Inc. announced a strategic partnership to develop new payment solutions, including biometric recognition. These technologies will be used with existing payment methods such as credit or debit cards, mobile, ATMs and points of sale (POS) terminals, to improve transaction security for financial institutions and customer convenience.
Morpho CEO Anne Bouverot commented: “Biometric technologies will ensure the future of payment authentication because they perfectly meet consumer needs to combine security with ease of use. The accuracy of these technologies has made a spectacular leap over the last five years, clearly positioning biometrics as the authentication method of choice in increasingly mobile markets.”
Jonathan Vaux, Executive Director Digital Innovation Partnerships at Visa Europe, explained, “Visa constantly explores new technologies in order to improve payment experiences and security for both consumers and retailers. These examples bring to life what role biometrics may play in future payments.”
According to a recent Mobey Forum survey, the use of biometrics in banking and payment systems is on the verge of becoming mainstream and it is projected that by 2017, there will be over one billion users accessing banking services through biometric systems.