One of the world largest credit card users Citi Bank is launching first biometric credit card system and the bank has chosen to launch it in Singapore. Around 190000 people age between 25 to 34 are going to be introduced to this system in Singapore. The bank said that there will be no extra cost for both merchants and credit card holders.
Jonathan Larsen, CEO and Country Manager, Citibank Singapore, said, “We’re launching this biometric payment solution as part of our launch of the Platinum Clear Card. And for the next couple of months, we will focus on making the biometric solution available to our Clear customers. However, very shortly thereafter, we will be broadening this to all Citibank cardholders…”
A global biometric authentication and payment solution provider Pay By Touch is providing the technology. John Rogers, founder, Chairman and CEO of pay By Touch commented on a statement to the press that “The biometric credit card service from Citibank and Pay by Touch sets a new standard for speed, convenience and security,”
Citibank says both merchants and its cardholders will not sustain extra cost in using this payment service. The plan is to develop this service to millions of customers in Singapore. What’s more, credit payments, users will also be able to make debit payments from their savings accounts. Citybank plans that; step by step this payment system service will be introduced to the other parts of Asia Paccific.
The biometric credit card features unique and high level security. It will also make the card longevity and this card will be able to use in all existing system. Critics are assuming that this technology will reduce credit card frauds and it will be much safer for the card holder to use there valuable card.
My name is Torsten Nordentoft, Director of Cardlab and quoted in this article:
The picture is not a credit card format card, it is not ours (ours which is an ISO7810 credit card format!) and we have no collaboration with Citibank, Singapore.
At CardLab – we do however have a full ISO 7810 compliant Biometric Card, and if you should be interested in the real thing, please visit our web site: http://www.cardlab.com
Torsten Nordentoft
Director
Cardlab
@ Nordentoft – Thanks for the info, I’ll take care it.
@ Nordentoft – I am very sorry for the mistake in the article and I have made the correction to it.
Hi again. It is very intruiging this article. The company you mention, pay by touch went bankrupt. see:http://www.biometricpayments.blogspot.com/
I don’t see where Torsten Nordentoft is mentioned in the article. Also, no mention is made of the fact the Torsten Nordentoft’s company, Cardlab claims they are working with Citibank and are ready to launch the first biometric credit card.