Press Here! Visa Begins Pilots of New Biometric Payment Card
January 14 2018 - 9:00AM
Business Wire
Pilots with Mountain America Credit Union and
Bank of Cyprus use on-card fingerprint sensor, offering an
alternative to PIN or signature payment authentication
NATIONAL RETAIL FEDERATION “BIG SHOW” — Visa (NYSE: V)
today announced it has initiated pilots with Mountain America
Credit Union and Bank of Cyprus of a new EMV dual-interface (chip-
and contactless-enabled) payment card, making these the first
commercial pilots to test an on-card biometric for contactless
payments. As a payments industry leader, Visa is committed to
ensuring secure, fast and convenient payments at the point of sale.
Core to delivering on this commitment is continually evolving the
market towards dynamic authentication methods such as EMV chip, and
in the case of these pilots, investing in emerging capabilities
that leverage biometrics.
With biometric authentication gaining momentum and the EMV
migration well underway, the biometric payment card pilots will
test the use of fingerprint recognition as alternatives to PIN or
signature to authenticate the cardholder. Both pilots are being
managed through the Visa Ready for Biometrics program, a new
vertical supporting the growing demand for biometric authentication
solutions.
“The world is quickly moving toward a future that will be free
of passwords, as consumers realize how biometric technologies can
make their lives easier,” said Jack Forestell, head of global
merchant solutions, Visa Inc. “As electronic payments expand
dramatically around the world, Visa is committed to developing and
investing in emerging capabilities that deliver a better, more
secure payment experience.”
How It Works:
When a cardholder places their finger on the sensor, a
comparison is performed between the fingerprint and the previously
enrolled fingerprint template securely stored in the card in order
to authenticate the transaction. Green and red lights are
integrated into the card to indicate a successful or unsuccessful
match. Additional benefits of the biometric payment card
include:
- Strong Security: The biometric
data is stored and matched locally in the card to ensure that a
cardholder’s data and privacy is protected. Since biometric data is
unique to each person, it’s substantially harder for criminals to
commit fraud.
- Speed and Convenience: The pilot
cards are EMV contactless-enabled, allowing cardholders to tap to
pay quickly and easily at contactless-enabled terminals.
- Alternative to PIN or Signature:
A simple authentication using a fingerprint can be performed
directly on the card, offering an alternative to PIN or
signature.
- Hardware Upgrades Unnecessary:
The biometric card is immediately compatible with existing payment
terminals that accept contactless- or chip-based payments around
the world.
In a recent survey of 1,000 Americans about perceptions of
biometric authentication, Visa found that consumers continue to
have a strong interest in new biometric technologies. Highlights
from the survey include:
- 86 percent of consumers are interested
in using biometrics to verify identity or to make payments, and
more than 65 percent of consumers are already familiar with
biometrics.
- Consumers were most familiar with
fingerprint recognition, with 30 percent having used it once or
twice and another 35 percent using it regularly.
- Of all the biometric authentication
techniques queried, fingerprint recognition ranked the highest (50
percent) in terms of desired payment authentication method for
in-store usage.
“Mountain America Credit Union is proud to be an early partner
with Visa and other industry leaders on this innovative biometric
card solution,” said Matt Farrow, assistant vice president of
payment and card services, Mountain America. “We are excited
to explore the enhanced security benefits that biometrics can
provide to credit and debit card transactions, while preserving
focus on convenience for consumers.”
Pilot Timing & Support
The Bank of Cyprus and Mountain America Credit Union pilots will
begin in early 2018 to assess the cardholder experience and the
technology of the biometric cards in different retail environments.
The Bank of Cyprus pilot utilizes technology from Gemalto, and the
Mountain America Credit Union pilot is being supported by
technology from Fingerprint Cards and Kona-I.
About Visa Ready
For any merchants, partners or issuers interested in integrating
biometrics into payment environments, the Visa Ready for Biometrics
program can provide guidance and certify solutions as Visa Ready.
The Visa Ready program can accelerate the process for
introducing devices, software, and solutions that can initiate or
accept Visa payments. In addition to Biometrics, Visa offers Visa
Ready programs for mobile point-of-sale (mPoS), Business
Solutions, Internet of Things (IoT), Tokenization and Transit
providers. More information is available at visaready.visa.com.
About Visa
Visa Inc. (NYSE: V) is the world’s leader in digital payments.
Our mission is to connect the world through the most innovative,
reliable and secure payment network - enabling individuals,
businesses and economies to thrive. Our advanced global processing
network, VisaNet, provides secure and reliable payments around the
world, and is capable of handling more than 65,000 transaction
messages a second. The company’s relentless focus on innovation is
a catalyst for the rapid growth of connected commerce on any
device, and a driving force behind the dream of a cashless future
for everyone, everywhere. As the world moves from analog to
digital, Visa is applying our brand, products, people, network and
scale to reshape the future of commerce. For more information,
visit usa.visa.com/aboutvisa, visacorporate.tumblr.com and @VisaNews.
About Mountain America Credit Union
With more than 720,000 members and $7 billion in assets,
Mountain America Credit Union assists members on the right path to
help them identify and achieve their financial dreams. Mountain
America provides consumers and businesses with a variety of
convenient, flexible products and services, as well as sound,
timely advice. Members enjoy access to secure, cutting-edge mobile
banking technology, 89 branches across five states, thousands of
shared-branching locations nationwide and more than 50,000
surcharge-free ATMs. Mountain America—safely guiding you forward
along your financial journey. Learn more at macu.com.
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Media Inquiries OnlyVisa Inc.Kryssa Guntrum,
415-805-4488kguntrum@visa.com
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