Russia’s Sberbank has teamed up with supermarket chain Azbuka Vkusa to allow shoppers to pay with their fingerprints.
Sberbank fingerprint payments technology is already available in 20 ABCs of Taste supermarkets, and the number is constantly growing.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataOnce Sberbank customers have registered their biometric data they can leave their wallets and phones at home.
At checkout, customers not only tie the fingerprints of two fingers to a bank card of an international payment system VISA or Mastercard, but also confirm the registration with a password.
Furthermore, customers can pay for purchases in all stores where the appropriate equipment is installed. All they need to do is place a finger to a special POS-terminal with a built-in biometric scanner. This enables a seamless payments experience for consumers.
Russia is asking banks to collect voice and face biometric data for a new Unified Biometric System (UBS) and personal data for a Unified Identification and Authentication System (UIAS).
Deputy Chairman of the Board of Sberbank and head of the Retail Business Unit, Svetlana Kirsanova, stated:
“Sberbank continues to implement a strategy for the introduction of biometric identification tools in banking processes. The use of biometrics in acquiring not only allows paying for purchases without using material carriers (cards, smartphones, smart gadgets), but also opens up opportunities for the implementation of new innovative customer service scenarios in retail chains. ”
Sberbank fingerprint payments technology is a global trend
Banks are increasingly adopting biometric technology, such as fingerprint scanning. Globally, companies and financial organisations are joining the trend and there are several benefits to embracing biometric technology.
Security
Passwords are becoming a thing of the past. This is largely due to how easy they are to hack. Hackers are becoming more sophisticated and are often able to bypass security walls.
Fingerprint-based systems provide additional security, since criminals can’t easily fake a fingerprint, fingerprints can’t get misplaced and customers can’t forget to bring their fingerprint with them.
Quick to use
Pulling out cards from bags or wallets can be challenging at times especially when you have to do it many times a day or have your hands full with shopping.
Presenting cards for verification, time taken in verification and granting or denying access in doubtful cases can be extremely time consuming. These scenarios become authentication nightmare when you are already late to board a flight or an appointment. This wasted time is saved with fingerprint authentication.
Approval only takes a matter of seconds, saving precious time for consumers users.
