Vein Recognition for Payments Implemented in Manchester

Photo credits: Fingopay

The British FinTech Fingopay, which identifies customers using maps of their finger vein patterns, announces they have been selected by Manchester to launch their payment service officially.

Goals: Enable Mancunians to be identified in the most secure way possible.
Their solution has been crafted in partnership with the payment company Sthaler and Japanese tech specialist Hitachi, for their VeinID recognition technology.
How it works
- The user scans his finger using a dedicated box
- His information is linked to his identity and payment card
- For each transaction, he places his finger on the scanner
- His vein pattern is analysed
- The identification process takes a few seconds, the corresponding amount is debited from his account
Discussions would be underway with several merchants and the start-up would already have been granted support from some groups such as CityCo (The City Center Management Company in Manchester) and private investment agency MIDAS.
Fingopay’s solution should be operational by summer 2019.

Nearly 2/3 of the Brits say they are ready to rely on biometrics for in-store payments.

Source: WorldPay study

A promising opportunity. Manchester’s choice is quite logical, this city enjoys dynamic hospitality and leisure industries. A large number of students also reside there, and they show a rather welcoming environment for FinTech companies.
Strong authentication. Unlike some easily spoofed biometric data, Fingopay’s solution relies on mapping finger vein patterns, and is quite hard to misappropriate. Their service is described as secure, fast and paperless, in line with new requirements.
Data protection. One of the main challenges for this start-up resides in securing and using personal data.

Over the past two years, this London-based start-up conducted several test phases, at Number 6 Festival, Proud Bar Camden, at the University of Brunel and in Copenhagen Business School.
Initially launched to streamline payments in music festivals, and considering their successful experiments, they now aim for large-scale rollouts.

Category : Alertes quotidiennes