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Fingerprints Supports Valid in Launching Biometric Payment Card in Brazil
Fingerprint Cards AB (Fingerprints) and Valid, the global payment technology provider and integrator of secure solutions for identification, mobile and payment ecosystems, have partnered in developing a biometric payment card for the Brazilian market. The card, which features Fingerprints’ proven 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 around 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’. By leveraging a unique physical characteristic to authenticate payments, new levels of security are achieved with biometric payment cards. This can help banks align with regulation 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, comments: “Brazil and the wider Latin America region is increasingly being recognized as a hub 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.”
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