9th JUNE, 2021 – FinGo, the fintech behind the world’s first biometric identity authentication and payments platform,has entered a strategic partnership with Mastercard. The new agreement will significantly expand the company’s global reach, opening up access to a global network of acquirers and millions of merchants worldwide.
The partnership gives FinGo access to the white labelled Mastercard Payment Gateway Services (MPGS) enabling the FinGo to grow its footprint for payment services across Europe, the Middle East, North Africa, Asia Pacific, Australia, and North America.
As part of the partnership, FinGo will be integrating the MPGS tokenisation service to securely store personal data associated with any transactions, which allows registered users to make payments by scanning their unique finger vein pattern. With digital payments on the rise and an increased focus on security for both consumers and vendors, biometric authentication will make payments simpler, quicker and more secure.
The collaboration comes as FinGo continues to augment its technology for non-payment applications. The platform is also used for age verification, identity and membership and loyalty schemes, giving users the ability to register their vein pattern once, facilitating the use of vein ID in a variety of other settings.
Simon Binns, FinGo’s Chief Commercial Officer, commented: “Our partnership with MPGS will allow us to bring biometric payments to a much wider global audience and accelerate our expansion particularly within MENA, which is one of our key strategic regions. With MPGS integrated, we are able to access hundreds of acquirers, and in turn, millions of merchants, to help them make payment transactions as simple and frictionless as possible.
“We’re delighted that MPGS recognises the added value and potential of FinGo, and fully shares our commitment towards making payments accessible for all by embracing biometric identity technology. You don’t need a card or smartphone to pay with FinGo as point of purchase.”
Keith Douglas, Executive Vice President, Payment Gateway Services: “FinGo’s focus on identity-enabled transactions and the work the team is doing in biometric applications will add to the checkout choice vendors can offer their customers. We look forward to working with the team to bring more safe, simple and smart ways to pay.”
Over the last 12 months, FinGo has adapted its solutions to integrate with COVID-support services, including secure contact tracing within hospitality settings and verification of employee COVID test results within the care industry. The company is also in talks with policy makers over the use of FinGo and vein ID for vaccine certification.
The technology is also currently being assessed for use in national and regional identity schemes. In Cairo, FinGo is working with the Egyptian government to apply biometric technology across their healthcare, food subsidy and housing programmes; and in Greater Manchester, Mayor Andy Burnham initiated a working group to explore using Vein ID biometrics for the region’s transport, education and healthcare networks.
How do you use FinGo?
New users only need to register once to use FinGo. After entering their details and verifying ID or bank details via the FinGo app, users scan and save their Vein ID at an onsite FinGo kiosk. Once registered, users are then free to use FinGo for age verification and payment purposes at any approved retailer.
FinGo is the world’s first biometric identity authentication solution, open to everyone and a mission to provide a more secure and inclusive wat to navigate the world. Powered by Hitachi’s VeinID technology since 2015, FinGo uses unique vein patterns hidden inside a finger to instantly identify and authenticate individuals without the need for cards or devices to be present.
Originally payments focused, parent company Sthaler Ltd was founded from a desire to create a cashless experience for festivals and events, with Fingopay introduced at Festival No 6. Since then, the company graduated from the Visa Collabs program, and completed successful pilots at Proud Bar Camden, Brunel University, Copenhagen Business School, and the Etihad Stadium Manchester. FinGo was installed in the XYZ building in Spinningfields prior to the COVID-19 outbreak.
Based on customer demand and in response to COVID-19, FinGo introduced a new range of identity-based products including FinGo ID and FinGo Pass to sit alongside FinGoPay. FinGo has been approved by Manchester City Council for age verification in hospitality and retail.
Recent awards include Fast Company: Top 10 Europe’s Most Innovative Companies, 2020; UK Enterprise Awards: Identity Servicer Product Innovator of the Year, 2020; Syndicate Room: Top 100 Fastest Growing UK Companies 2019; Telegraph: Smart City Innovation Award Industry Innovation of the Year, 2019 and Restaurant TECH Live: Tech Product of the Year, 2018.
About Mastercard Incorporated (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
Mastercard Payment Gateway Services offers industry-leading payment processing technology for merchants, partners, and acquirers. Facilitating the acceptance of a variety of payment methods across multiple channels internationally, our solution provides the reach, resource, and security to compete in the changing world of digital payments and enables customers to meet their business objectives. Our partners benefit from new commercial opportunities and meet clients’ needs across new channels and markets and as part of the Mastercard family, Gateway delivers the resilience and investment of a global payments leader.