Pilots with Mountain America Credit Union and Bank of Cyprus use
on-card fingerprint sensor, offering an alternative to PIN or signature
NEW YORK--(BUSINESS WIRE)--Jan. 14, 2018--
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
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
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.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180114005063/en/
Source: Visa Inc.
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