Payment security trends

UK-based fintech company Fingopay has decided to initially launch its biometric vein payments system at leisure and hospitality venues in Manchester, England.

Based on Hitachi VeinID technology, Fingopay solution uses infrared light to map the pattern of a customer’s finger veins.

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These unique vein signatures can be linked to payment cards to carry out biometric transactions using just finger.

At terminals, the vein patterns are converted into an encrypted template and cross-checked with the one stored in the company’s database.

The payments approach eliminates the need for cash, cards or mobile.

Fingopay noted that the finger vein patterns, which do not change with age, are hard to steal and thereby offers a suitable biometric option for secure authentication.

Fingopay has already completed pilots in the UK at Festival Number 6, Proud bar Camden, Brunel University and Copenhagen Business School over the last two years. Fingopay has also been live in a hospitality area of the Etihad Stadium since January.

Fingopay is currently in discussions with multiple venues across Manchester’s various districts.

Fingopay CMO Simon Binns said: “Manchester has a dynamic hospitality sector with some highly innovative operators, a large student population and positive environment for fintech businesses.

“This city-wide scheme will be a world-first, and we’ve had real encouragement from Greater Manchester Combined Authority to invest and create jobs in the city.”

The company is working with different partners, including CityCo and MIDAS, to identify the first venues.