MTS buys into the SWiP biometric payment platform
Russian mobile network operator MTS now owns a 15 percent share of biometric payment platform SWiP, writes Kommersant. The investment will be used to further develop SWiP’s business and biometric technology in Russia.
SWiP is a digital platform for Russian vendors that uses facial biometrics for payments and loyalty program verification.
MTS does not discuss future plans but does not exclude acquiring further shares. By adding SWiP to its investment portfolio, MTS wants to boost its biometric tech knowledge and deliver new solutions for their partners, according to Alexander Gorbunov, MTS Vice President for Strategy and Development.
“Recognition by biometric data is the final stage in the development of personality identification technologies. The transition from physical media (plastic cards) to a biometric profile in offline and online channels will increase the security of transactions, as well as make purchase data transparent and tied to a specific person,” Gorbunov said.
SWiP believes that facial biometrics will improve checkout experience and will make it easier for companies to sell goods and services that would normally require mandatory confirmation of age with physical documents.
SWiP is owned by Smart Wallet, which is in turn 100 percent owned by Cyprus Swipglobal.