KIB to launch biometric payment cards using Zwipe

Friday 26 May 2023 12:59 CET | News

Kuwait International Bank has announced that it will launch a biometric payment card based on Zwipe’s platform, under the Visa Infinite Black package.


Kuwait International Bank (KIB) will thus be the first bank to commercially launch a biometric payment card. The new product is developed as part of a collaboration between KIB and Zwipe. Another company involved in the development of this product is Inkript, a partner of Zwipe, who will be in charge of actually producing the cards.

Kuwait International Bank has announced that it will launch a biometric payment card based on Zwipe’s platform, under the Visa Infinite Black package.

What does the new card offer?

Deema Al Mulaifi, Assistant General Manager of Operations at KIB, stated in the official release that the new card is specifically addressed to the Black Banking segment of KIB customers. 

They also added that the new card will provide users with increased convenience and ease of use. For customers to make a POS transaction, they will need to activate their fingerprint. What is more, the new biometric card is said to provide added security that will protect clients against fraud attempts.

The future of biometric cards 

Even though biometric technology has existed for around two decades, the breakthrough that made it possible for it to be used in manufacturing payment cards was introduced recently, with the development of special sensors that could be embedded into cards.

Starting in 2017, numerous companies announced their intention to create and distribute credit cards that made use of fingerprint verification as a way of authorising transactions.

The interest in making biometric cards is sustained by the high demands from consumers. Following the pandemic, the interest in contactless payment methods has seen new highs, as buyers are open to trying new products.  

According to consumers, the main advantages of using biometric payment cards are correlated with their convenience. As biometric cards can be utilised to make secure payments by using a fingerprint as a means of verification, using PINs or physically inserting the card into a device is no longer needed. 

As they are fully compatible with POS terminals that accept contactless cards, biometric payment cards represent a convenient means of payment that can be easily integrated into the current infrastructure. Thus, numerous enterprises have announced their interest in expanding into providing biometric payment card services. For instance, earlier in 2023, IDEX Biometrics announced partnerships with DoelPay and MCS Microsystems.

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Keywords: product launch, partnership, fraud management, fraud detection, fraud prevention, online fraud, online security, biometrics, digital identity
Categories: Banking & Fintech
Companies: KIB, Zwipe
Countries: Kuwait
This article is part of category

Banking & Fintech




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