VTB participated in the pilot project of the National Payment Card System (NPSK) for the development of biometrics (non-cash payment for goods and services using biometrics – RBC), introducing payments using biometrics in cafes and shops. The bank’s press service talked about this on the eve of the Finopolis 2024 forum of innovative financial technologies.
The first sales points where payment using biometrics from VTB has been launched are located in Moscow and Sochi. One of them is a coffee shop in the Presnensky district of Moscow. Payment is made through new POS terminals.
To pay by contactless method, you must register your biometric data in advance in the Unified Biometric System (UBS) through the “Government Services Biometrics” mobile application, at bank branches or at the MFC.
During the purchase, special terminals located at the cash registers of retail stores read the customer’s biometric information using cameras and facial recognition technology. After that, the device transmits the biometrics to the commercial biometric system of the receiving bank, if the data is confirmed, payment is made from the customer’s account.
“Paying using biometrics today is like a telephone connection: For it to work, the customer must be able to both make and receive calls. The situation is the same with biometrics; Bank account and card holders must be able to make payments and sales points must be able to accept them. VTB Bank Vice President and Chairman of the Board of Directors Vadim Kulik stated that biometric technology is the future of domestic fintech in the coordinated work of both parties.
VTB Deputy Chairman and Chairman of the Board of Directors Georgy Gorshkov said that in the near future the biometrics service will become end-to-end for the receipt of all kinds of services and goods, from face-to-face identification instead of a passport to face-to-face payment.
“For example, a person who has forgotten his phone and wallet at home will be able to take public transportation and pay for travel expenses with a single glance at the camera, go to the office at work via the biometric terminal, buy lunch and coffee, etc.,” he said.
Gorshkov emphasized that an outsider cannot use the client’s funds.
“It is impossible to replicate a person’s physiological characteristics reliably enough to deceive modern banking security systems,” he explained.
NSPK General Director and Chairman of the Board of Directors Dmitry Dubynin noted that the National Payment Card System, together with banks, has begun to scale the project to introduce bioacquisition and take it to a new level.
What are you thinking?
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.