The rise in Biometric Payment Cards has been phenomenal worldwide. This is because consumers today are more aware of security, hygiene and safer authentication methods. Today, consumers can authenticate themselves with PIN codes, but biometrics can streamline this process using unique physical characteristics to identify their identity. This makes the payment experience frictionless for the cardholder – especially when compared to chip and PIN authentication.

Zwipe Pay is an advanced market-ready platform that provides a complete solution for any card manufacturer to deliver their biometric payment cards. Global banks and fintech issuers are increasingly recognizing biometric cards as a strong value driver for their business. Keeping that in mind, Zwipe Pay delivers:

 - Wide-ranging capabilities, including all components of the card

 - Enrollment solutions covering all use cases for customer onboarding

 - End-to-end services to support card manufacturers and banks through the pilot stage and market launches

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What is a Biometric Payment Card and how does it work?

Consumers have embraced the convenience of contactless but are still struggling with two key concerns -security limits of contactless transactions and upper limits on transaction amounts. Addressing such concerns, a Biometric Payment Card adds a layer of security protection making it impossible for theft/fraud with a consumer’s identification.

This process eliminates the need for an upper limit on payment amounts. Moreover, the fingerprint reference data captured by the biometric sensor are securely stored locally on the card chip. They are neither kept on bank servers, nor by merchants. In fact, they are not sent over the air during transactions.

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How can fingerprint payment technology make payments more secure?

To make payments more secure, fingerprint payment technology offers multi-factor authentication. Thisis possible with the help of a biometric payment card (something you have), a PIN code (something you know) and the biometric feature/fingerprint (something you are).

When doing a payment transaction, a biometric payment card provides optimal authentication. Therefore, many card issuers like banks can avoid PIN codes. This makes the checkout experience 100% touch-free and at the same time provides a seamless customer experience.

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Going forward, what will be the most popular payment system?

It is impossible to define the best payment system for the future. Consumer experiences and expectations will define the best mode of payment. Given the different mind sets and ever-changing user behavior and expectations, we will witness several payment solutions that will serve the demands of certain geographies, regulations and customer payment preferences.

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