German digital bank Fidor Bank has entered into a partnership with Zwipe to pilot biometric payment cards in the country, during the second half of 2022. This will be powered by the Zwipe Pay technology platform.
Biometric cards look like any other payment card, however, in addition to the standard chip and pin technology, biometric cards also have a fingerprint sensor. The chip powers the card’s fingerprint sensor, and both require authentication via the correct pin and the correct fingerprint in order to make a payment.
Speaking on this announcement, Boris Joseph, CEO at Fidor Bank said, "We are delighted to take this big step with Zwipe, a well-known pioneer in biometric authentication and payment solutions. Next generation payment cards powered by on-card fingerprint authentication will greatly help to differentiate our payment offerings with respect to a seamless checkout experience and uplifted transaction security. We are aiming for a commercial launch in the second half of 2022".
Providing new technology for secure banking
Founded in 2009, and recognised for the last three years by Forbes Magazine as one of the world's best banks and a leader in banking, Fidor Bank aims to provide a world-class user experience to its retail, corporate and institutional customers.
The launch of biometric cards is in line with Fidor's strategy to provide its customers with access to digital banking and payment services in the most secure way possible.
A report from last year by Fingerprints suggested that just over half of respondents were ready to opt-in for a biometric card; a rise that it identified as coming in tandem with the general decline of cash payments.
Based in Norway, Zwipe’s technology aims to connect the world of biometrics with the world of payments, access control and ID.
André Løvestam, CEO of Zwipe said, "We are grateful for Fidor Bank's confidence in joining forces with Zwipe to bring biometric payment cards to Germany, one of the largest payment markets in Europe. Fidor Bank's position as a leading digital bank and Zwipe's disruptive technology in biometric payments lay the foundation for a mutually rewarding collaboration. We are fully committed to ensure a successful pilot and market launch in Germany".
- Top 10 fintech startups based in the US 2023Financial Services (FinServ)
- FreedomPay: The ascent of digital paymentsFinancial Services (FinServ)
- Papara will focus on M&A amid expansion, neobank's boss saysBanking
- DFINITY: VC funding is in decline; how can Web3s raise now?Financial Services (FinServ)