Eastern Bank has launched a biometric metal card, which will be available to its premium customers early next year.
The card, which is powered by IDEX Biometrics Mastercard certified technology (IDEX Pay), is “designed for the dynamic and tech-savvy” and “embodies exclusivity and innovative technology.”
Eastern Bank CEO Ali Reza Iftekhar expressed enthusiasm about the introduction of biometric metal cards, emphasizing compliance with regulatory requirements and the bank’s commitment to innovation. Iftekhar envisions biometric payment cards becoming the new industry standard, supporting secure contactless payments and bringing financial empowerment to a more broader audience.
Bolstering Payment Security
Biometric cards are appealing to banks and consumers as they focus on providing enhanced security. Unlike credit or debit cards, biometric cards utilize physical traits such as fingerprints to authenticate a consumer’s identity.
Many financial institutions have been piloting their own biometric payment efforts to not only offer consumers that added security, but also to proactively stay at the forefront of this rapidly evolving space.
J.P. Morgan, for example, said that it was planning to pilot a biometrics-based payments program with select U.S. retailers, including leveraging palm and face recognition technology for in-store payment authentication.
Amazon, which is ahead of the curve in biometrics payments, has been working on similar efforts. The e-commerce giant has been working with various retailers, including Panera Bread, Whole Foods, and Starbucks to pay for goods at the point-of-sale via the palm of their hand.
The Future of Biometrics
While it remains early to fully comprehend the extent of the impact biometric payments will have on the financial sector, there is an undeniable acceleration in the transition toward biometric payment methods.
A crucial consideration for organizations is the importance of implementing through testing and certification procedures for biometrics. This will not only help provide a more secure and frictionless user experience, but also serves to validate the security and reliability of the solution.
