Cypriots are the first in the world to benefit from a pioneering scheme by the Bank of Cyprus using a biometric smart card that works with a fingerprint scan instead of chip-and-pin technology.
Bank of Cyprus is currently conducting a pilot scheme on the new technology for contactless payments via a fingerprint-activated debit card.
It is being conducted in phases to iron-out any technical glitches along the way before deciding when to roll out the card to its wider customer base.
Around a 100 bank clients have been issued the biometric card to monitor the results which are said to be “satisfactory” and the data will be reviewed once the test phase is complete.
The bank was unable to give the Financial Mirror a timeline for when the cards will be widely available as that would also depend on the final test results.
But the card does not come cheap – like any other premium credit card – those wanting to acquire one will need to pay more than EUR 100 subscription a year.
Dutch company Gemalto, a world leader in digital security, was selected by Bank of Cyprus to supply the world's first EMV biometric dual interface payment card for both chip and contactless payments.
It uses fingerprint recognition instead of a PIN code to authenticate the cardholder, the card is compatible with existing payment terminals already installed in Cyprus.
When customers place their fingerprint on the sensor, a comparison is performed between the scanned fingerprint and the reference biometric data securely stored in the card.
The biometric sensor card is powered by the payment terminal and does not require an embedded battery; this means there is no limit from battery life nor on the number of transactions.
And unlike other debit cards or contactless payment methods – smartphones, wrist bans – there is no limit on the amount of the transaction as a biometric card is more secure.
Another big advantage is that you don’t have to remember the PIN number because there isn’t one and if stolen, it’s not much use to anybody else.
The new bank cards will allow consumers to buy goods using their fingerprints in a similar way to Apple's Touch ID.
Contactless payments are set to evolve with the introduction of debit cards fitted with built-in fingerprint scanners.
The new technology is expected to catch on in Cyprus as other methods of contactless payment such as wristbands and stickers have proved popular.
Maximum security
The card, made available to debit card customers of the Bank of Cyprus, includes the ability to authenticate payments with a fingerprint for both contactless and card machine payments.
"Bank of Cyprus customers will be first in the world to enjoy biometric convenience on a contactless payment card. Gemalto's biometric sensor payment card is designed to provide maximum security and data privacy," said Bertrand Knopf, Gemalto's executive vice president Banking and Payment.
He made the comments when Bank of Cyprus awarded the contract to Gemalto in January.
He added: “Using biometrics for contactless payments is a natural move as it fits in naturally with the gesture used to pay.
“It allows a better user experience, enabling higher transaction amounts without entering a PIN while benefiting from the convenience of contactless.”
Gemalto's cards are the same as any other bank card, with the only notable difference being the presence of a small sensor on the right-hand-side to place your finger.
Those wanting to receive a biometric card must register their fingerprint (one-time only) at their local Bank of Cyprus.
The fingerprint data is stored on the card, not on a central database to deter hackers from trying to stealing customer data.
"In order to bring seamless authentication to the banking sector, Gemalto has leveraged its extensive expertise from secure government documents and leadership in biometric applications,” said BOC’s Card Centre Manager Stelios Trachonitis.
"Our customers will benefit from this innovative payment solution with the peace of mind that their biometric data never leaves their hands".
The biometric card works with current standards, so there is no need to change the existing infrastructure.
This biometric sensor card is powered by the payment terminal, meaning no battery is needed.
With the card being used in Cyprus, Gemalto said interest has now been shown by other banks especially in the U
HOW THE SMART CARDS WORK
· In-built fingerprint scanner.
· Authenticates the payment and replaces the traditional PIN (Personal Identification Numbers).
· Customers scan their fingerprint on a small sensor found on the right-hand-side of the bank card.
· Fingerprint data is stored on the card, not on a central database.
· Customers register their fingerprint at their local bank branch when they first set-up the debit card.
· There is no need to change the existing infrastructure.
· The magnetic field generated by the card machine used for payment powers the scanner, meaning no battery is needed.
