The way consumers pay for products and services is set to undergo radical changes. Slowly but surely, biometric payment options continue to gain traction around the globe.
NatWest has now issued a biometric payment tool for customers with built-in contactless payment support.
Biometric Payments for NatWest Customers
With this new fob, customers of this UK bank can complete contactless transactions of up to £100.
It is the first biometric payment ‘gadget” to be issued by the bank. However, NatWest has already experimented with biometrics in 2018. At that time, the company launched a payment card trial.
With this new payment fob, users will experience even more convenient. The gadget is linked to users’ fingerprint scans, which should prevent unauthorized spending from taking place.
NatWest Effortless Payments head David Crawford adds:
“After the successful pilot of our biometric debit card we are looking at how we can further develop the technology and push the boundaries to integrate it into our customers everyday lives.”
This new trial by NatWest is made possible with the help of Giesecke+Devrient Mobile Security and Visa.
Its main purpose is to determine if this solution is an improvement compared to current biometric payment solutions. Those forms of payment still require back-and-forth communication to verify transactions.
Most banks around the globe have high hopes for biometric solutions. It is a secure and personalized approach to conducting payments and keep fraudsters at bay. Remaining ahead of criminals – both online and offline – has been a major challenge in recent decades.