In today’s FinTech News, Samsung taps biometrics for payments secured by users’ fingerprints, while Huawei tackles contactless payments with Curve via a digital wallet with integrated cards. Spotify, meanwhile, is turning to payments processor Stripe to help creators monetize subscriptions.
Samsung Launches Comprehensive Fingerprint Security for Payment Card
Samsung is offering the industry’s first all-in-one chip solution for biometrics-based identity authentication using fingerprints. The security chip uses a fingerprint sensor to read biometric information and gets rid of the need for a PIN number.
The new technology was created using a proprietary fingerprint authentication algorithm and a secure processor. The chip also has built-in anti-spoofing technology to prevent cyber thieves from trying to circumvent the system.
Contactless Payments Come to Huawei Smartphones Following Curve Partnership
Financial super app Curve is working with Huawei to integrate smartphone users’ debit, credit and loyalty cards into a single smart card. Curve Pay’s technology enables Huawei users to transfer past payments from one account to another through its Go Back In Time feature.
An “anti-embarrassment” feature swaps cards if the selected payment method is declined. Cash-back, full transparency, and budget and control settings are also available in numerous currencies.
Stripe Teams With Spotify to Drive Subscription Monetization for Creators
Audio streaming platform Spotify is collaborating with global payments processing firm Stripe to help Spotify creators make money from their art. The partnership will give creative artists on the platform the ability to accept payments and launch recurring revenue streams, while also developing better engagement with their fans.
Almost $10 billion has been earned by creators on 50 platforms powered by Stripe, the company’s data showed. Stripe’s payment infrastructure supports payments that come from any place around the globe.
Square Launches in Spain
Financial services platform Block — formerly known as Square — launches in Spain to offer entrepreneurs access to the company’s software, hardware, and payment solutions. Customers can send payments over the app at no charge and retailers can process payments using a smartphone.
Spain is the fourth European country Square has launched and the first location this year. The company launched in Ireland and France in 2021 and in the U.K. in 2017.
Spain Secretary of State for Trade Xiana Méndez said the collaboration of small businesses and FinTechs is important in order for the economy to rebound following the pandemic. Small and medium-sized businesses (SMBs) in Spain account for 99% of merchants.
Researcher Highlights Potential Security Vulnerabilities of Connected Cars
As digitally-enabled cars grow more sophisticated and go mainstream, it’s not surprising that cybercriminals are already infiltrating systems. Luckily for Tesla, a white hat hacker penetrated a dozen cars and let the company know about the vulnerability.
German security researcher David Colombo didn’t go public with the issue until the third-party software provider Tesla owners were using fixed the problem. Colombo was able to access owners’ email addresses and gain control of the cars’ door locks and horns.
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NEW PYMNTS DATA: AUTHENTICATING IDENTITIES IN THE DIGITAL ECONOMY – DECEMBER 2021
About:More than half of U.S. consumers think biometric authentication methods are faster, more convenient and more trustworthy than passwords or PINs — so why are less than 10% using them? PYMNTS, in collaboration with Mitek, surveyed more than 2,200 consumers to better define this perception versus use gap and identify ways businesses can boost usage.
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