International fintech firm KONA I has efficiently achieved the world’s first commercialization of a fingerprint recognition metallic card that mixes fingerprint recognition know-how with metallic playing cards.
KONA I introduced on Nov. 17 that it provided fingerprint recognition metallic playing cards to Bangladesh’s Jap Financial institution PLC.
This undertaking was achieved by means of strategic collaboration with fingerprint sensor specialist IDEX Biometrics and was formally launched in July in Dhaka, Bangladesh.
The fingerprint recognition metallic card issued by Jap Financial institution is Mastercard’s highest-tier World Elite Mastercard. Cardholders can authenticate retailer funds utilizing solely their fingerprint, without having for PIN or signature.
Fingerprint knowledge is saved solely inside the cardboard, making it unattainable for others to make use of even when misplaced or stolen, and it’s also outfitted with Mastercard’s Id Theft Safety characteristic. Fingerprint registration will be simply accomplished by means of a easy process.
On this undertaking, KONA I participated because the core entity for full product manufacturing and provide, not merely as a elements provider. The corporate built-in fingerprint sensors utilizing its proprietary metallic card manufacturing know-how, took accountability for all the course of together with card issuance, and finally delivered the merchandise to the financial institution.
The success of this commercialization represents a breakthrough that resolves a 10-year problem within the cost business. Fingerprint recognition playing cards have been highlighted as future know-how for the previous decade, however there have been no precise commercialization instances.
Since EMV chips have already considerably decreased offline cost fraud, the one fraud that fingerprint playing cards can moreover stop is unauthorized use of misplaced or stolen playing cards. Nevertheless, within the case of fingerprint playing cards, the manufacturing value is considerably increased than common playing cards, main banks to guage that the return on funding was inadequate.
Nevertheless, KONA I broke by means of this problem with a mixture of fingerprint recognition know-how with premium merchandise technique. The corporate positioned the fingerprint recognition metallic card as a product for banks’ premium prospects by combining fingerprint recognition know-how with the already market-proven worth of metallic playing cards.
Metallic playing cards have been confirmed to contribute to banks’ precise income improve as a result of their increased buyer acquisition charges in comparison with common playing cards and better chance of turning into the highest of pockets card. With the addition of fingerprint recognition know-how, a differentiated product was born that mixes safety, comfort, and premium expertise.
Jo Jae-hyun, head of KONA I’s Abroad Decentralized Identifier (DID) Enterprise Division, defined, “Whereas it was troublesome to show cost-effectiveness with fingerprint playing cards alone, we had been capable of create a brand new market by combining them with the premium worth of metallic playing cards. It is a end result created not solely by technological innovation but in addition by strategic considering.”
This achievement has turn out to be a possibility to reconfirm the stable basis of KONA I’s DID enterprise. The metallic card enterprise is at the moment a significant income supply for KONA I, displaying steady development in abroad markets and driving the corporate’s general efficiency.
Beginning with this provide to Bangladesh, KONA I plans to pursue a technique focusing on technology-friendly, high-income buyer segments, specializing in international locations with developed premium monetary markets.
Jo Jung-il, CEO of KONA I, emphasised, “Whereas KONA I is well-known domestically just for its regional love present certificates (native foreign money) enterprise, in actuality, we’re acknowledged for our stable technological capabilities and provide capability within the international metallic card market. This world’s first title is proof of that.”
