Fingerprint Cards explains UX importance, roots of biometrics vision, plans new ASIC team in Taiwan
Nearly two out of every three consumers say a low rejection rate and ergonomics are key priorities for adopting biometric payment cards, due to the user experience implications, according to research from Fingerprint Cards.
Research shows that avoiding frustrating or potentially embarrassing situations at the point of sale (POS) is important to both consumers and retailers, and the constant readiness of biometric payment cards to be activated by the power produced by payment terminals helps to ensure appropriately low friction, the company argues in a post. The latest sensors have also cut transactions speeds by roughly 30 percent, compared to earlier trials.
The enrollment process has likewise been optimized, FPC states, working at any angle.
The market now “stands on the cusp of major commercial rollouts,” the company says, but Fingerprint Cards suggests that continual advances in technology will remain important to maintaining the necessary UX appeal.
The technology has certainly come a long way.
The inspiration for Fingerprint Cards comes from a latent print observed on a credit card at the Cannes film festival in the 1980s, Swedish publication Dagens Börs writes, per Google translate.
Johan Carlström, chairman of Fingerprint Cards’ Board of Directors, tells Dagens Börs that the company’s biometric sensors are superior to those of their competitors in terms of low false acceptance and false rejection rates, power consumption, latency, durability and price. Fingerprint Cards provides roughly one third of the market’s capacitive fingerprint sensors, according to Carlström.
Carlström argues that Fingerprint Cards has many advantages in the payment card market compared to its competitors. The company’s first goal in the market is to help bring it to a successful mainstream launch, and the next is to reach a sustainable market share of around 50 percent of all biometric payment cards.
The company believes all payments will be contactless within three or four years, and all payment cards will eventually feature biometric authentication.
Fingerprint Cards recently announced that it sees a potential total addressable market of 800 million biometric sensors by 2026.
Meanwhile, Fingerprint Cards has announced that it is standing up a new team to build application-specific integrated circuits (ASICs) for its biometric solutions in Hsinchu, Taiwan, the company announced in a Tweet.