Safran & Visa team up to upgrade biometry in the payments space

Apr 8, 2016
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Safran-MorphoWave

Morpho (Safran Group), a leader in the development of security solution and identity verification technologies, teams up with Visa Europe to present two innovative technologies in the context an exhibition “Visa Explore Le Monde” currently taking place in Paris until April 23rd.

‘MorphoWave’, the first contactless technology in the world able to capture and identify up to four digital fingerprints in only one second is a solution that could become really useful for merchants in the near future, as people are using credit card payment more than ever. According to a Mobey Forum report from 2015, most of the banks plan to implement biometric technology in the years to come, with the aim to catch up with the growing number of smartphones integrating biometric technologies. In 2017, more than 1 million would have access to banking service through biometric systems.

 

“Biometric technologies will ensure the future of payment authentication because they perfectly meet consumer needs to combine security with ease of use, such technologies have made a spectacular leap in accuracy over the last several years.” – Morpho’s CEO, Anne Bouverot 

 

Following the explosion of M-commerce, 200 models integrating biometric systems have been released since 2013, according to a report from Acuity Market Intelligence. 600M smartphones using this kind of technology are currently used around the world, which represents about 28% of the market today and will be the majority in the years to come. Morpho is not outdone with mobile verification, the second technology they’re presenting this month in Paris is the result of a strategic partnership with Visa Inc. announced in February 2016, a facial recognition product for mobile payments that could be integrated to ATMs as well.

Technology is changing the way we make monetary transactions, and that implies new authentication solutions, from Blockchain to Biometric technologies.

The whole financial services landscape is just at the beginning of its transformation, the way consumers and enterprises interact with money is being shaped by innovative and game-changing startups day after day. Explore the future of finance at SPEND Paris on April 28, and join more than 500 professionals at the heart of finance and technology convergence.