Natural Security pilot has finger on pulse of biometric payments
Natural Security, which specialises in user-authentication technology, has announced the results of the first pilot involving a new payment method incorporating payment cards, biometrics, and mid-range contactless technology: for authentication, users are merely requested to put a finger on a dedicated reader device.
- (1888PressRelease) July 03, 2013 - Results showed that 94% of the 900 consumers involved in the pilot were ready to use this payment method for all in-store purchases.
Cedric Hozanne, CEO of Natural Security, explains, "The Natural Security standard was developed in response to the demand from banks and retailers for a convenient and secure authentication method that can be used across all online and offline channels. This pilot has been particularly significant in building our technical knowledge of how the standard works in real-life transactions, as well as our understanding of customer behaviour and reactions. We will be using the results to feed into future development but, undoubtedly, it has been a success. Consumers are ready for this new type of payment method."
For the first time, Natural Security has piloted a highly innovative user-authentication solution that combines a contactless personal device, biometrics, and mid-range contactless technology. The solution can be used for both in-store and online payment transactions, as well as for access to services.
The proximity payment system combines biometrics technology, which authenticates customers and guarantees their presence during payment; a payment card, which stores biometric data and performs user authentication; and, finally, a box, which enables the card to communicate with the payment terminal.
Natural Security's pilot involved 900 consumers and was carried out in France over a six-month period, from October 2012 to March 2013. Partners included banks (Banque Accord, BNP Paribas, Crédit Agricole and Crédit Mutuel Arkéa), as well as retailers (Groupe Auchan and Leroy Merlin) and a computer-hardware manufacturer (Ingenico).
Fingerprint and finger-vein biometric technologies were tested in actual transactions in order to study the technical aspects of the solution, while collecting data on customer and retailer reactions and evaluating the support process, especially data recording.
Key results of the pilot include the fact that 94% of the participants said that they were ready to use Natural Security's new payment option for all in-store purchases. Additionally, almost 5,000 transactions were carried out by participants, which demonstrates a high adoption rate. The average transaction amounted to €60 (€58.60, precisely), i.e. about £50, which is 15% higher than the value of the average card payment, highlighting the solution's usability for significant day-to-day transactions. Participants described the payment method as modern (74%), innovative (71%), secure (61%), and convenient (60%).
Natural Security's technology makes it possible to authenticate reliably and control both payment and non-payment transactions in a range of environments, including via the internet and in store. The technology helps merchants and service providers create a unique customer experience by offering a high level of convenience and security regardless of the location or channel.
The combination of mid-range contactless technology with biometrics technology simplifies authentication and, therefore, transactions. This simplification comes about because users are merely required to place a finger on the reader device in order to be authenticated, without having to enter a PIN or handle a device. This method creates new types of customer relationships.
Alongside the pilots, Natural Security is also running trials for online and offline transactions, including payments and access to services. For these trials, the company is working with Discover Financial Services, a direct-banking and payments company, and San Jose State University (in California), which are both based in the USA.
For full details of the pilot study's results, including usage breakdown, transaction trends, and consumer feedback, please contact Philip Jolly, at the Press Office of the French Trade Commission UBIFRANCE in London.
About Natural Security
Founded in 2008, Natural Security redesigns and enriches the authentication user experience, while leveraging the synergies that exist between different distribution channels.
The company, which is headquartered in Lille (northern France), provides convenience, speed and security for service providers, banks and merchants, while guaranteeing protection and privacy for end-users.
For further information, please go to: http://www.naturalsecurity.com/
For further information, please contact :
Quote ref. : FTPB3807
Ms Katherine WOODS - Press Officer
UBIFRANCE Press Office in London
Tel: +44 (0) 207 024 3640
katherine.woods ( @ ) ubifrance dot fr
View other press releases at :
http://www.ubifrance.com/uk/
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