Credit card security is a very big concern nowadays, so a lot of companies are trying to find a solution to fraud. One country doing important progress in this direction is Singapore, where local fintech company Touche announced a partnership with OCBC Bank. This is a first attempt to bring what is called the world’s first fingerprint-based credit card payments.
The company will offer this service to all of OCBC’s credit card merchants, who also have physical stores. Touche’s software, considered innovative and robust, is expected to deliver “highly secure, convenient and personalized point of sale transaction services at the touch of two fingers”.
No big changes for merchants
Touche’s devices will be set up in such way that they will accept both traditional card payments and payments made using fingerprints. By this, merchants won’t be required to have multiple payment devices, while transactions will be recorded electronically. Finally, the receipts will be sent on email, thus saving important amounts of paper.
But this is not everything since anybody who is using the fingerprint-based credit card systems will also be eligible for bonus points and discounts. Merchants will have advantages as well, being able to develop tiered loyalty programs, including membership-based benefits, according to Touche.
Another great advantage the company offers is the ability to create personalized offers, considering customers’ preferences and buying patterns, observed in the data analytics component.
The registration process is very simple since the existing credit cards or membership cards must be linked with the holder’s fingerprints.
“Once registered, payments are completed in under four seconds at one touch, without the need for a signature, pin number, card or mobile phone,” Touché said.
Could this be the start a new trend?
OCBC Bank head of group lifestyle financing Desmond Tan is also optimistic about the future outcome of this new partnership.
“This service enables an easy and secured platform that will improve the user experience for customers. It will make digital e-payments simpler and more accessible than using cash, and will help to drive Singapore’s push towards becoming an e-payments society.”
Currently, one in five credit card users from Singapore are relying on fingerprint authentication, using the bank or mobile phone provider, according to a report from Visa.