Sthaler's Press Release
Student power a catalyst for expansion of Fingopay in Copenhagen
- Next generation finger vein tech goes campus-wide at Copenhagen Business School
- Sthaler’s Fingopay system allows students to pay at self-serve PoS using only their finger
- Fingopay enables fast, secure biometric payments, ID and age verification
- “One-in-ten” of card payments through tills now use Fingopay
- New campus launch will be followed by Copenhagen-wide rollout
11 December 2018, A student campaign to make Fingopay a permanent fixture at Copenhagen Business School (CBS) has paved the way for it to be installed campus-wide.
Danish debit card giant Dankort teamed with British fintech firm Sthaler to pioneer the self-service payment system that requires no cash, cards or mobile at point of sale.
The world first trial earlier this year allowed students to make a purchase in a self-service restaurant and coffee shop using only their finger.
Fingopay has successfully processed more than 12,000 transactions in the restaurant and coffee shop and, where installed, accounts for one-in-ten of all Dankort payments.
The system proved such a hit with the 21,000 CBS students and 600+ full-time academic staff that it will now be available at all the CBS 32 points of sale at six different sites.
The expansion followed a campaign by the student newspaper, CBS Wire, lobbying for Fingopay to be available permanently, everywhere on campus.
Sthaler’s Fingopay reader uses Hitachi’s VeinID technology. Infrared light maps the unique 3D pattern of veins in a customer’s finger.
This biometric signature is a one-of-a-kind personal identifier. It can be used to verify identity and payment in seconds. It’s fast, safe and simple.
Dankort is operated by leading payment acquirer, Nets. It has been leading innovation in the Nordic region for more than 50 years.
Jeppe Juul-Andersen, Nets Director in charge of the Dankort, says: “We are overwhelmed by how well the users have adopted the solution.
“85% of 1,000 users have paid more than once, and the share of net payments in the canteen has been around 10% of all card payments.
“We are constantly working to make payments safer and easier for the consumers and we believe that this can be one of the roads the payment market will go down.”
The project has been developed in partnership with Spisestuerne, who operate restaurants and coffee shops within CBS.
They have been delighted at the integration of Fingopay with their self-serve points of sale.
Kim Frølund, IT Specialist at Spisestuerne, says: “We think it’s a great solution, and it offers a quick payment method. Our customers are happy about the solution, and all we want is happy customers.”
“We’ve had students who have made projects about Fingopay, and students writing their theses about biometric solutions using Fingopay as a case study. In general, the people I have talked to think it’s a smart solution.”
Esben Torpe Jørgensen, Director of Development and Governance at Nets, says the success of Fingopay has attracted the attention of other businesses across the Nordic region.
He adds: “The solution has been a great success among students and staff, and we’ve got a lot of useful experience from our collaboration with Spisestuerne.
“We’re proud of the project and that the solution has been so well-received. We wanted to test the user experience and the appetite among students and staff for biometric payment methods.
“The solution quickly became part of Spisestuerne due to the fact that it’s easy and safe to pay with your finger. It means a lot to us to create solutions that generate value for our customers.
“We will continue to work on the registration process to make it easier and more comprehensible. For this solution, as well as future solutions.
“We have received quite a few inquiries and questions about the solution. It has certainly attracted some attention.”
Simon Binns, Director of Sthaler, says: “We are excited to be working with an industry leader such as Dankort, and extending the reach of finger vein technology in payments. The Nordic region is leading the charge towards a cashless future and is very receptive to innovative ideas.
“We have been working closely with the Nets Smart Payment team along with Dankort for more than a year and this significant launch at Copenhagen Business School is the culmination of our combined efforts.”
Fingopay has previously been introduced into a higher education environment, with more than 1,000 students at Brunel University signing up to pay for their groceries, with only their finger.
The launch at CBS comes as previous studies have identified weaknesses with fingerprint recognition, used widely on mobile phones.
It is vulnerable to being hacked and can be copied even from finger smears left on phone screens. But VeinID, which relies on internal biometric, cannot be copied or stolen.
The Spisestuerne Copenhagen Business School project platform was developed by Sthaler in partnership with Bizie.
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|Sthaler | Fingopay Gareth Morgan||+ 44 (0) 7572 671231|
Sthaler is a UK-based biometrics payments startup which, via its flagship product Fingopay, utilises finger vein ID technology to offer customers and retailers a simple, fast, non-invasive and highly reliable method of payment. With partnerships in place currently with the likes of VISA, WorldPay and Hitachi (with which Sthaler has a renewable 10-year exclusivity partnership on Finger Vein Authentication for payments), it’s clear some of the world’s largest businesses are affronting the challenge to continually seek new ways of protecting and verifying customer data.