OCBC Bank: Fingerprint-Based Authentication for In-Store Payments

A few months after they rolled out face biometrics-based identification for some of their agencies OCBC Bank keeps looking into possible biometric rollouts. The Singapore-based institution just signed a strategic deal with the local start-up Touché to propose a fingerprint-based payment service which does not rely on smartphones to their merchant customers.

This start-up recently raised $2 million. They specialise in authentication services and have an agreement in place with OCBC Bank on rolling out an in-store payment service relying on fingerprint verification.

OCBC Bank merchant customers can now be provided POS devices with PIN and mag-stripe readers, as well as fingerprint sensors allowing for biometric authentication. Touché sets a link between the end customers’ wallet and fingerprint pattern. Once authenticated, the user chooses his preferred means of payment among available options. Discounts and rewards are automatically applied based on the points they gathered. The bill is then sent directly to the e-mail address they stored beforehand.

This FinTech also assists merchants with marketing issues and provides dashboards for assessing their program’s efficiency in real time. They can also feature customised offers based on their preferences and purchasing habits.

Comments – Paying in just one move

Considering the phenomenal success encountered by contactless payment, new payment methods are starting to surface for in-person transactions. Biometrics-based fingerprint authentication via embedding sensors in POS devices is gaining momentum. Consumers may then pay for their purchases without cash, payment card or mobile phone. They would only place their fingers on a biometric sensor.

This system is being rolled out with Paytouch in Spain and started reaching France. In Singapore it became popular with Touché. By way of assisting their customers through this transition, this FinTech proposes an all-inclusive solution allowing merchants to accept all means of payment or manage different loyalty program. Touché is installed in Spain and in Tokyo. They aim for expansion throughout Europe, Australia and the UAE. They are getting ready to launch in the US next year.