Fingopay deployments for biometric finger vein payments expanding
Biometric retail payment company Fingopay will provide finger vein payment technology campus-wide for the Copenhagen Business School (CBS), Finextra reports, and will also be offered to the stadium and hospitality sectors in the UK through a distribution partnership with MPower MSL company Verteda.
Fingopay is the result of a partnership between Sthaler and Hitachi, and provides Hitachi’s VeinID biometrics for fast cardless payments and identification. The SyndicateRoom list is based on growth valuations of companies in the seed, venture, or growth stage. Fingopay recently raised £1.2 million (US$1.5 million) in a CrowdCube fundraiser, which brought the company to 16 percent of its target, according to a company announcement. During the crowdfunding campaign, the company also announced a partnership with car park provider CP Plus.
Verteda has announced the integration of Fingopay technology with its point of sale (POS) system, which is being used both for employee time and attendance and payments for food and beverages at UK stadiums. Customers can register their biometrics at the beginning of the soccer season to link their biometrics with a payment account, and make fast, secure payments using only a finger at subsequent matches. The technology can also be used to access hospitality and VIP areas.
“This is an exciting time for stadium payment technology,” comments Verteda Sales Director Matthew Prosser. “We’re going beyond the traditional boundaries of cash and even card transactions, offering consumers a wider array of payment methods to improve the customer experience. Combined with data from stadium operators’ other systems, Fingopay gives stadiums and hospitality venues the ability to collect more insightful data about their customers’ purchases to improve service delivery and be more operationally efficient.”
Successful Danish trial spurs enthusiasm
The cross-campus roll-out at CBS follows a trial run at cafeteria checkouts, which itself followed nine months of internal testing by Nordic payment processor Nets. CBS students with a Dankort Danish national debit card could enroll for biometric payments. FingoPay successfully processed more than 12,000 transactions in the CBS restaurant and coffee shop, and accounted for roughly 10 percent of payments where installed.
The system will now be deployed to all 32 CBS point of sale at six different locations, after proving popular with students and staff.
“We are overwhelmed by how well the users have adopted the solution,” Nets Dankort Director Jeppe Juul-Andersen. “Eight-five percent of 1,000 users have paid more than once, and the share of net payments in the canteen has been around 10 percent of all card payments.”
The technology was originally trialed in the UK with WorldPay employees in 2015.
Goode Intelligence recently forecasted that 2.6 billion people will use biometrics for payments by 2023.