Fintech company Fingopay has selected Manchester as the first city to enjoy its revolutionary payment system, says Invest in Manchester. To be globally launched in the summer of 2019, the service will be available in select hospitality and recreational establishments in the city.
According to Fingopay CMO Simon Binns, the company chose Manchester for its thriving hospitality industry which utilizes innovative solutions. The city also has huge student demographics and a productive reception for fintech companies and products. With the introduction of Fingopay, the company seeks to establish the city as a heart of innovation.
Fingopay is considered as a disruptor in the fintech industry with its aims to modernize transaction methods by offering a high-tech and reportedly more secure payment option. The company developed a technology that associates vein signatures found in the customers’ fingers to their payment accounts such as credit and debit cards. This allows consumers to pay for their transactions through a biometric system.
High-end technology at work
To achieve such a promising service, the company is working with an advanced tech such as Hitachi VeinD, which scans the user’s vein signatures. According to Invest in Manchester, this solution has the potential to eliminate the need to bring cash and cards. It also reduces the need for mobile payment solutions.
‘Fastest and safest’
Dubbed as the ‘fastest and safest’ method of payment, it also does not require personal identification numbers and passwords. The tech also allows consumers to make transactions of any amount as it has no transaction limits.
As compared to fingerprints, vein signatures do not leave any remnants and cannot be reproduced.
Aside from Manchester, Binns says that the technology has been implemented in a number of pilot establishments such as Festival Number 6, Proud bar Camden, as well as educational institutions such as Brunel University and Copenhagen Business School.