Citibank Singapore is offering a new way for credit-card holders to make payments—using their fingerprints instead of credit cards.Citibank this month began rolling out biometric payment systems in Singapore that allow Citibank Clear Platinum credit card holders to pay using their fingerprints. “It’s an investment for our future,” said Anand Cavale, vice president and business director of credit payment products at Citibank Singapore, noting this is the first time the bank has used a biometric payment system anywhere in the world. Before putting the biometric system into operation, Citibank officials took a long hard look at whether the system was secure—and came away satisfied that it was, Cavale said. “We see this as the next step, which will enhance our already good fraud prevention systems,” he said.With an affluent, tech-savvy population of 4.5 million, Singapore is among the most competitive for credit-card issuers, with many Singaporeans carrying three or four cards in their wallets. To encourage card holders to spend, banks regularly team up with partners to offer special discounts—say, 10 percent off dinner at a trendy restaurant—if customers use a certain credit card. So much competition leaves banks looking for any edge they can find.For its part, Citibank hopes the biometric technology makes payment more convenient for its card holders, eliminating the need for them to always carry credit cards while still allowing them to buy things. But don’t expect to see biometrics replace Citibank cards anytime soon. “The technology will be used in conjunction with a credit card,” Cavale said. Cavale believes biometric payments systems will shine in applications where a quick payment method is needed. “If you’re running to catch a train, and buying a cup of coffee and a newspaper, your time has more value,” he said.So far, Citibank’s biometric payment systems are in place at only a handful of outlets in Singapore, including local coffee shops and the popular Zouk nightclub. But the bank has plans to quickly expand the number of such systems and the number of Citibank card holders able to use them.“Our intention is to roll it out very quickly to other cards,” Cavale said.Citibank chose to start the rollout of the biometric payment system with the Clear Platinum card because it is targeted at younger Singaporeans, ranging in age from 25 to 34. “We launched with this segment because the uptake is going to be very strong,” he said.Getting signed up to use the biometric payment system, provided by Pay By Touch of San Francisco, is relatively easy. Citibank has installed kiosks at several Singapore branches where card holders can register their fingerprints. To sign up, Citibank customers need to provide valid photo identification and a seven-digit numeric passcode used with the fingerprint to authenticate payment.This is the first time that Citibank has tested a biometric payment system, and the bank’s operations in other countries, especially in Asia, are watching what happens in Singapore with interest, Cavale said. “Our plans include taking this technology around the region,” he said. –Sumner Lemon, IDG News Service (Singapore Bureau) Scottish School 1st to Use Palm-Vein Biometrics The Authentication Battle (CSO) Biometrics by Fire (CSO)Check out our CIO News Alerts and Tech Informer pages for more updated news coverage. Related content BrandPost The future of trust—no more playing catch up Broadcom: 2023 Tech Trends That Transform IT By Eric Chien, Director of Security Response, Symantec Enterprise Division, Broadcom Mar 31, 2023 5 mins Security BrandPost TCS gives Blackhawk Network an edge with Microsoft Cloud In this case study, Blackhawk Network’s Cara Renfroe joins Tata Consultancy Services’ Rakesh Kumar and Microsoft’s Nilendu Pattanaik to explain how TCS transformed the gift card company’s customer engagement and global operati By Tata Consultancy Services Mar 31, 2023 1 min Financial Services Industry Cloud Computing IT Leadership BrandPost How TCS pioneered the ‘borderless workspace’ with Microsoft 365 Microsoft’s modern workplace solution proved a perfect fit for improving productivity and collaboration, while maintaining security of systems and data. By Tata Consultancy Services Mar 31, 2023 1 min Financial Services Industry Microsoft Cloud Computing BrandPost Supply chain decarbonization: The missing link to net zero By improving the quality of global supply chain data, enterprises can better measure their true carbon footprint and make progress toward a net-zero business ecosystem. By Tata Consultancy Services Mar 31, 2023 2 mins Retail Industry Supply Chain Green IT Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe