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NEWS Visa and Neon in pay-by-selfie initiative
isa and Brazilian mobile-only bank, Neon, have launched a service that allows consumers to use selfies to confirm their identities for online purchases. “Authentication of identity by facial recognition, which has been in use for almost a year by the 100% digital bank’s customers for their transactions, will now be applied to internet purchases with a 99.5% ID precision,” says Fernando Teles, General Director at Visa Brasil.
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Neon is targeting Millennials and using Daon’s IdentityX platform for biometric authentication. Customers can use facial recognition to access their account and perform
such transactions as payments, via Visa-branded physical and virtual cards. The new entrant is pitched as a reaction against brick and mortar banking turn offs, including long lines, bureaucracy and hidden fees. It is a spin off from
Contro.ly, a FinTech founded in 2014 and its goal is to reach 100,000 active customers in its first year of operation.
“My distaste with the traditional banking model started after a disastrous experience during international travel where my bank didn’t bother to help me through a tough situation. It was then that I realised I was just another number to them,” says Neon boss Pedro Conrade. “We are a bank founded by young people conceived for a new generation of banking customers. Our focus is to encourage sound financial planning and education to ensure that the youth of this country will not start their lives in debt.”
Scott Thompson Samsung Pay finally launches in UK
and debit cardholders who bank with MBNA, Nationwide and Santander and Santander and Mastercard cardholders with MBNA and Santander. The service can be used on the Galaxy S8/S8+, S7/S7 edge, S6/S6 edge (subject to a software update) and will become available on additional devices in the coming months.
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Kevin Jenkins, Regional Managing Director, UK and Ireland, Visa, comments: “The launch of Samsung Pay gives Visa account holders a mobile payment solution that enables safe and easy contactless in-store payments with their Samsung mobile. The phone is the one item people always have with them and Visa supports payment solutions that fit people’s changing lifestyles.”
Samsung Pay has been available in the US since September 2015 and Samsung originally planned a UK launch in 2016.
amsung Pay is now available to Visa credit
It will go head-to-head with Apple Pay and Android Pay and has some catching up to do with its already firmly established rivals. It uses not only NFC (like Apple and Android Pay) but also MST, the tech used by magnetic strip cards, so it also works with older payment terminals that don’t support contactless.
Scott Thompson
www.ibsintelligence.com © IBS Intelligence 2017
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