Nets trialing Fingopay biometrics-based payment technology
Nordic payments provider Nets is looking to introduce finger-vein payments to the consumer market in Europe and will be testing Sthaler’s biometric payment solution Fingopay in its Idea Lab over the next few months.
The Fingopay reader works by shining a near-infrared light through the user’s finger to build 3D map of the customer’s finger veins. Users can then register the unique finger vein pattern as their preferred payment method, at which point the pattern is encrypted into a public key token. When the user makes a purchase at a point-of-sale terminal, the Fingopay reader compares their vein pattern with the registered template. If the two patterns successfully match, the sale is authenticated. Sthaler’s finger vein payment solution uses Hitachi’s VeinID technology, which the company has licensed under a 10-year renewable agreement.
“We are always looking for ways to innovate and progress our payment solutions in line with advancing technology and changing customer needs,” explained Jesper Kildegaard Poulsen, head of Innovation Incubator at Nets. “The Fingopay technology allows us to offer a secure, fast and effortless option, giving our customers the ability to pay simply by using their finger.”
Sthaler exhibited their technology at the Nets stand this week at Money 20/20 Europe.
“Our research shows that Fingopay Vein ID authenticated payment is preferred above cash and cards in the UK,” commented Simon Binns, Commercial Director, Sthaler. “It also saves time at checkout and can provide rich personalised customer data for retailers. We expect the customer response in the Nordic markets to be equally positive and look forward to cooperate with market leaders Nets.”
In January, a music venue in the UK deployed Fingopay to reduce wait times at the bar while introducing more secure transactions.