Now the traditional way of financial transactions like credit and debit cards are coming closer to expire. UK based start-up company developed a new technology ‘FingoPay.’ This new technology enables users to shop and make payments just by scanning finger veins.
This new automation builds a unique map for each individual by using a biometric reader to scan the veins of a shopper’s finger. By connecting the pattern with a bank account or credit card will allow the users to make payments by simply placing their finger in a pocket-sized scanner. Former music industry executive Nick Dryden founded the company Sthaler, which developed this ‘FingoPay,’ and announced that test for the technology would begin at a London nightclub next month.
The technology will help to reduce the waiting times at bars in either way, by suggesting the drinks based upon their previous order on their patron, and by cutting down cash and credit cards. “McDonald’s is experimenting with a pilot of the technology, and that Sthaler is also planning a project with Co-op’s food stores.” Said, Mr Dryden. Usage of biometric identifications for payment has been believed as more secure and efficient than PIN’s and passwords. Apple introduced ‘Apple Pay’ early last year in the UK, which makes use of iPhone’s fingerprint technology, Android was also followed by the similar in May.
Vein scanners built by Hitachi are being already used in cash machines and identifying customers in Japan. Commenting about it, Sthaler says that the probability of two people having same vein structure is rare and highly impossible to crack. “Fingopay technology was less immune to problems such as wet and dusty fingers or fraud. “People are ready to accept biometrics as a secure authentication mechanism,” said Hendrik Kleinsmiede, the director of Visa Europe’s innovation arm Collab, which is backing Sthaler.