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.