OCBC works with Touche to offer fingerprint-based credit card payments

May 23, 2018 | Stephen Mayhew

OCBC works with Touche to offer fingerprint-based credit card payments

Singapore-based start-up Touché has signed an agreement with the OCBC Bank to offer its biometrics-based payment device and services to the bank’s credit card merchant customers with physical outlets.

The physical payment device incorporates a fingerprint sensor, a slot for chip-based credit cards as well as the magnetic stripe reader, eliminating the need for multiple payment devices. Receipts are emailed to the customer’s account which eliminates paper and makes reconciliation process more efficient.

According to a report in Channel News Asia, the service is not aimed at mass market cash-based services like hawker stalls. Rather, Touché and OCBC are targeting the medium- to high-end establishments to help partners and merchants to create a lifestyle experience for their customers.

Merchants can integrate existing loyalty programs into Touché’s payments process, or create a new one. Touché also promotes its analytics capabilities to give merchants insight into customers’ buying habits. Future plans include adding facial recognition as an additional method of authentication on its payment device, and allowing customers to link bitcoin accounts to Touché’s digital wallet.

Financial services companies in Singapore lead global markets in adoption of both fingerprint biometrics and voice recognition, according to new research commissioned by identity data intelligence company GBG and carried out by Forrester Consulting.

New chief legal officer

Retail News Asia reports that Touché announced the appointment of Mr Arvind Vij to the position of Chief Legal Officer effective May 1, 2018. Arvind will report directly to Sahba Saint-Claire, CEO and co-founder of Touché.

Vij has over 20 years of international legal experience across different sectors, both as an in-house lawyer and in private practice.

“Touché is a dynamic company that is uniquely positioned to reshape the payments industry and provide personalised customer experiences through its comprehensive biometric based system,” commented Vij. “I look forward to joining the team and helping Touché develop and implement new strategies on legal matters.”