South Korean fintech firm, Kona I, plan to launch a biometric smart card for security purposes.
Kona I is set to release the biometric fingerprint smart card, featuring an embedded fingerprint sensor, for dedicated security purposes including building access and identification use.
Chief executive of Kona I, Cho Jung-il is confident that the invention will cut out middle processes and increase customer usability and accessibility.
“The technology will replace password or authentication certificates in confirming identification, not only in the security industry, but also in the financial and IoT sectors,” he said. For example, a biometric credit card would become active and usable for 15 to 20 seconds only when a card holder taps activates the sensor with a finger.
The market for similar innovation is fast-growing in South Korea, where top notch security measures have become and increasing focus for both private companies and the government. With worldwide shipments of smart cards predicted to increase from 0.8 billion units by 2020, the integration of sustainable security services across the finance sector is set for success.