Manchester has been chosen for the global launch of a fintech payments system, Fingopay.
From this Summer, merchants across the city will be the first in the world to let customers pay with just a scan of their finger, with the company already in advanced discussions with a number of leisure and hospitality venues across the city’s Spinningfields, Ancoats and King Street districts.
The award-winning technology, which uses Hitachi VeinID scanning, allows customers to link their vein signatures with their payment cards to pay using just their finger at a network of merchants. At tills, the unique pattern of the customer’s vein is scanned, verifying biometric signatures and payments in seconds through its cloud-based matching system.
The identity and authentication system has been hailed as a game changer for payments. Removing the need for cash, cards and mobile, it has been described as the fastest and safest payment method on the market with no need for PIN or passwords and no transaction limits.
Unlike other biometrics such as fingerprints, finger vein patterns leave no trace and cannot be stolen or copied, resulting in one of the most secure methods of payment or ID.
Simon Binns, CMO at Sthaler, the UK fintech company that developed Fingopay, commented: “We have already successfully completed pilots at Festival Number 6, Proud bar Camden, Brunel University and Copenhagen Business School over the past two years.”
“Manchester has a dynamic hospitality sector with some highly innovative operators, a large student population and positive environment for fintech businesses. This city-wide scheme will be a world-first, and we’ve had real encouragement from Greater Manchester Combined Authority to invest and create jobs in the City. We look forward to adding to the city’s status as a centre for innovation.”
Fingopay has been working with partners including CityCo and MIDAS to identify the first venues to become Fingopay enabled merchants.
Tim Newns, Chief Executive of MIDAS, Manchester’s inward investment agency, said: “Manchester was recently named one of the most innovative cities in the world and the city’s growing status as a test-bed for digital innovation and transformation has attracted a wealth of companies looking to capitalise on both the high-growth market, as well as the finance and tech talent available here.”
“We’re delighted to have helped Fingopay establish operations in the city and we are looking forward to embedding them in the city’s rapidly expanding fintech and payments scene.”
CityCo Chief Executive, Vaughan Allen, also commented: “Many of our members are already aware of Fingopay and like the idea of making payments simpler for customers and help move to cashless. The identity component also has the potential to keep venues and streets safer, which is the highest priority for all concerned.”