It is well known that banks that undertake digital transformation gain more customers. Sella decided to join the innovators and launched the trial version of biometric credit. But isn’t it too late? Mastercard and Zwipe first tested it in 2014 with Sparebanken DIN Bank in Norway.
https://www.getsafeonline.org/personal/news-item/worlds-first-biometric-payment-card-launched/
Sella Personal Credit provides credit through the most innovative forms of payment and diversifies its activities to offer customers and business partners safe and reliable financing solutions capable of satisfying diverse and constantly evolving needs.
This time, Sella has announced a completely new payment method that allows its customers to make purchases using only fingerprints. How does it work? To make a payment, the customer must first receive a kit with a specific device or, as it is also called, a “sleeve”. This device allows the cardholder to register their fingerprint on the card. The process only takes a few minutes and does not require a visit to the bank. After that, the authorization card is ready for use.
The biometric chip is located directly on the card and does not need to be charged as the chip is powered by the POS for contact payments. How can I pause the payment? To confirm the payment, the cardholder must place their finger on a biometric chip.
This payment method is safer and easier than entering a traditional PIN. These advantages can be very attractive for many bank customers, since statistics show that most people use credit cards for convenience and security. In addition, we would like to emphasize that biometric cards can be used worldwide and are recognized by any EMV-certified POS and ATM terminal.
Is the idea of a biometric payment card unique? Obviously not. Crédit Agricole has already launched a test phase for the biometric bank card in its regional banks of Touraine and Poitou. Today, this innovation is available with a Mastercard World Elite card. Société Générale has also developed a similar solution, but we expect it will take some time before it is widely available.
This interest in biometric cards arose due to the numerous advantages of this solution:
- Data protection. It is nearly impossible to simulate a person’s unique fingerprint. In addition, privacy is protected by ensuring that the user’s biometric data never leaves the card.
- Environmental friendliness. Since the biometric system consumes very little power, no battery is required for the card to function.
- Convenient transactions. Cardholders can make secure and convenient payments anywhere in the world.
But of course, this solution also has some disadvantages. One should not forget that there may be problems with the recognition of damaged fingerprints or with the false recognition rate (FAR). According to statistics, the overall error rate of biometric systems is about 1%.
