Biometric payment cards: Zwipe’s latest market, FPC offers guidance to banks
Biometric payment cards – whether plastic or metal – are set to become mainstream in 2022, as various companies and research centers continue to report. However, a powered card could compete with existing cards. Zwipe announces its next market and Fingerprint Cards produces its brochure to persuade banks to take the plunge.
Zwipe’s next biometric card destination is Malaysia
Modularsoft, the Malaysian leader in full-service smart cards, partners with Zwipe to bring biometric payment cards to Malaysian banks.
Zwipe will provide technical and commercial support as well as value-added services for issuers. The cards will be made by a local producer certified by Zwipe. Modularsoft, also known as Modular, supplies the majority of Malaysian banks with smart cards. He will work with Zwipe to develop pilots and full commercial deployments.
“We are very pleased to announce our partnership with Modular, Malaysia’s leading card bureau and a trusted brand in providing payment cards and personalization solutions to issuers in Malaysia,” commented André Løvestam, Managing Director of Zwipe, based in Norway.
“I am confident that this partnership will lead to multiple commercial launches of biometric payment cards and I look forward to a very successful long-term relationship between our companies.”
Zwipe recently closed deals to bring biometric payment cards to Mexico, Lebanon, and India, as well as North America with trials in Egypt.
Fingerprints Cards enriches the electronic literature on biometric payment cards
Fingerprints Cards has published an e-book guide for banks on the benefits of biometric payment cards (preferably their own) and how to get started.
The report reveals that the use of debit and credit cards has increased sharply “after the pandemic” and 63% of respondents expect to use the contactless card more than today or whenever possible in l ‘to come up. In 2018, 38% feared their contactless card would be stolen, this figure rose to 51% in 2021 as payment limits continued to rise (and a quarter don’t know what the payment limits are).
Fingerprint Cards also discovered that biometric payment cards could be the solution. Half of consumers want such a card, and a further 24% are open to the idea. Of the half of people wanting a biometric card, 51% would consider switching banks to get one and 43% would pay extra for a biometric payment card.
The report covers barriers to implementing biometric cards such as 83% of banks citing enrollment, compared to 53% among consumers. However, multiple enrollment options are now available and banks could benefit from benefits such as ‘premium’, with 82% of consumers saying a biometric card would become their preferred payment card.
Reports on biometric card trends are so common that they’re practically their own kind. Consider the alternative book from IDEX Biometrics, the report from the Smart Payment Association or the predictions from Mordor Intelligence.
Metal cards deserve biometrics
A blog post from Idex Biometrics considers that premium metal cards issued to wealthier (or perhaps more indebted) customers might be seen as more desirable for bad actors and therefore a good recipient for biometric sensors.
Other services could be added to the cards such as loyalty programs and proof of identity. Such benefits could then attract more users for biometric and biometric metal payment cards in particular, according to the blog post.
The company says metal card providers target a younger demographic and that these users are more likely than older users to report fraud attempts. It recently announced a partnership with MK Smart to bring its biometric payment cards to Southeast Asia.
banking | biometric cards | biometrics | Fingerprint Cards | fingerprint sensors | Idex Biometrics | payments | Zwipe