Fingopay Successfully Uses Vein Biometrics For Bank-To-Bank PaymentBiometric VeinID platform

Photo: Fingopay

Fingopay Successfully Uses Vein Biometrics For Bank-To-Bank PaymentBiometric VeinID platform Fingopay launched an Open Banking retail pilot with payments firm Reflow. It allowed the companies to create a bank-to-bank, face-to-face VeinID payment.

• This tech enables Retailers and merchants to handle bank-to-bank transactions, which will reduce costs and allow settlements within three hours, rather than the usual three-to-five-day delay in payment.
• It will allow users to pay for items using only their fingers. Infrared light will scan unique finger vein patterns, and verify payment in 2 seconds
• The technology is different from one using fingerprints, as finger veins leave no trace, so they cannot be copied and can avoid fraud and identity theft.

source: https://www.pymnts.com/innovation/2020/fingopay-successfully-uses-vein-biometrics-for-bank-to-bank-payment/