Fingerprint powers Valid to launch biometric payment card in Brazil

0

By Gloria Mathias

July 08, 2024

  • Biometric Payment
  • Biometric payments Cards
  • Brazil Payments

Fingerprints, Thales , Biometric Payment, Garanti BBVA, digital security, EMV payment, FinTech news, FinTech Türkiye, Valid, Biometric payments Cards, contactless payments, Fintech News America, Brazil Payments, Secure Payments, Fingerprint Cards AB (Fingerprints) and Valid, the global payment technology provider and integrator of secure solutions for identification, mobile and payment ecosystems, have partnered to develop a biometric payment card for the Brazilian market.

The card, which features Fingerprint’s biometric technology, will offer new levels of contactless security, convenience and hygiene. The cards, manufactured by Valid, will feature Fingerprints’ second-generation T-Shape® (T2) sensor module and software platform. The biometric payment card will be unveiled at Sao Paulo’s Febraban Tech event in June 2024.

Despite consistent and significant contactless payment growth in Brazil since the pandemic, there are still consumer concerns about security. The region’s preference for contactless, combined with its familiarity with biometric technology, demonstrates the ecosystem’s readiness for the next generation of payment cards.

According to Brazil’s National Monetary Council Resolution 3694/09, financial institutions must ‘ensure the integrity, reliability, security and confidentiality of transactions, services and products.’ Biometric payment cards achieve new levels of security by leveraging a physical characteristic to authenticate payments. This can help banks align with regulations and reduce in-store payment fraud and the associated costs of both. Banks that lead the way in payment innovation are also afforded an attractive brand image.

Adam Philpott, Fingerprints’ CEO, shared, “Brazil and the wider Latin America region are increasingly being recognized as hubs for payment innovation. I’m very pleased that Fingerprints can support Valid in adding this biometric payment card to its product portfolio. The card’s high level of security will help reduce fraud while enhancing the user experience, thereby aiding banks in customer acquisition. We anticipate that several banks in the region will soon adopt biometric payment technology.”

Previous Article

FinTech Focus: Catch latest developments of the week

Read More

Next Article

The Banque de France & Hong Kong Monetary Authority foray into CBDC cross-border capabilities

Read More

IBSi Daily News Analysis

Embedded Payments, Embedded Finance, Fintech News, Payments Technology, Mobile Payments, Digital Payments, Online Payments, Singapore Fintech News, APAC fintech listicle

July 11, 2024

Biometric Payment

Payment security market to reach $87.4bn by 2031 driven by digital payment adoption

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage

Subscribe Now

link

Leave a Reply

Your email address will not be published. Required fields are marked *