The Bank of Cyrpus has selected Gemalto, a global leader in digital security, to supply the world's first EMV biometric dual interface payment card, which can be used for both chip and contactless payments.
Rather than punching in a PIN code at a card reader, the contactless payment card has cardholders place their finger on a sensor to use biometric authentication instead. As the biometric sensor card is now powered by an embedded battery but the payment terminal itself, there are no limitations on the usefulness of the card based on the number of transactions performed over time.
Bank of Cyprus' customers will be able to enrolment for the biometric payment card at a bank branch, where their fingerprint template will be captured and securely stored only on the card.
What's Driving This Trend
- Biometric Authentication
- The use of biometrics to authenticate transactions provides a secure and convenient payment experience.
- Contactless Payments
- Contactless payment technology eliminates the need for physical contact with a payment terminal, streamlining the transaction process.
- Embedded Battery Technology
- The integration of embedded battery technology in payment cards opens up opportunities for other innovative applications in the future.
Who This Affects Most
- Banking and Finance
- The banking and finance industry can leverage biometric payment cards to enhance security measures and improve customer experience.
- Payment Technology
- The development of contactless and biometric payment solutions presents disruptive innovation opportunities in the payment technology industry.
- Digital Security
- The implementation of biometric authentication in payment cards highlights the importance of advanced digital security solutions.
