The payment giants Mastercard and Visa are opening up more to biometrics and both are signing new partnerships to develop biometric authentication in new markets.
After buying digital identity company Ekata for $ 850 million, last April, Mastercard entered into a partnership with FinGo, the world’s first biometric identity and payment authentication platform. Based in the United Kingdom, the fintech announced, on June 9 via a press release, access to white-label Mastercard (MPGS) payment gateway services.
Beyond the fingerprint
This initiative will enable FinGo to develop its biometric payment services globally and thus expand its presence in the field in Europe, the Middle East, North Africa, Asia-Pacific, Australia and America. North. As part of this partnership, FinGo will integrate the MPGS tokenization service to securely store personal data associated with any transaction. This process will allow registered users to make payments by scanning their fingerprint.
The FinGo platform also makes it possible to verify many other data such as age, identity and membership in loyalty programs, for example. In particular, fintech made its technology available to health services during the pandemic by, for example, allowing the verification of the results of COVID tests of employees in the care sector. The company is currently in discussions with policy makers regarding the use of FinGo and venous identification during the vaccination campaign.
Visa joins forces with Abu Dhabi Islamic Bank
However, Mastercard and FinGo may face competition in the Middle East. Indeed, Visa has partnered with Abu Dhabi Islamic Bank (ADIB) to introduce the UAE’s first biometric authentication solution for e-commerce transactions.
The system takes advantage of biometric sensors integrated into smartphones. ADIB customers will now be able to go through the mobile application and verify their identity using facial recognition or their fingerprints to confirm a transaction. “Consumers in UAE More and More Transaction Online, Visa Biometric Solution for ADIB Provides Secure and Optimal Online Payment Experience“said Shahebaz Khan, Managing Director of Visa for the United Arab Emirates.
This surge in online sales makes it a key territory for both companies. In addition, if Visa and Mastercard covet the region, it is because biometrics are gradually settling there. The federal state recently announced the use of facial recognition to allow citizens to access public services.