European banking group UniCredit will make a biometric payments solution available for its clients in Italy in the near future.
The technology has been provided by Fujitsu. Using its PalmSecure solution, a contactless scan of the palm vein pattern of a user’s hand confirms their identity. Using biometrics provides a more secure, harder to defraud and easier to use authentication method than Chip & Pin.
As the Fujitsu PalmSecure only requires the unique pattern of veins within the pal, there is no need for card, key or chip authentication. This minimises identity fraud likelihood to virtually impossible.
The process takes place without the need for photo or data storage. The solution sensor translates the map of your palm into a unique numeric code in the registration process. From then on, the sensor named Papillon will be able to identify you. In addition, the translated code cannot be converted back into the original map of the blood circulating in the hand.
UniCredit carried out a series of tests of its Papillon payments system in December 2012. The first payment was made by Unicredit’s CEO Federic Ghizzoni at a KIKO MAKEUP MILANO store. Hovering his hand over the sensor, the readers recognised his hand within a few seconds and payment was completed.
The bank plans to roll out Papillon as a mobile payments mechanism to complement other payment methods such as QR-code reading. UniCredit believes there is scope for this solution to replace ATM and credit cards as an authentication method.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.