Region’s first biometric payment network to be launched soon

Manama : Amidst Bahrain making huge advancement in the implementation of different technologies in the financial sector, the region’s first ever biometric payment network will be soon launched in the country, it was announced. Ithmaar Bank and Eazy Financial Services, with the support of Tamkeen, will soon be launching the biometric payment network in Bahrain. Once implemented, Ithmaar Bank customers will no longer be required to use their bank cards at ATMs.

Instead, they will be able to use their fingerprint along with their PIN to process financial transactions. The implementation is expected to add convenience and stronger security in financial transactions. Speaking during a press conference held at Four Seasons Bahrain Bay yesterday, Eazy Financial Services CEO, Khaled Al Ahli said that customer needs were carefully studied before deciding on the technology. “I think the payment process has never been about having an exciting experience, but we expect it to be convenient and practical with a good user experience as well as to have a secure way to transact.  

“The world is changing quickly; there are cutting edge technologies and solutions coming out rapidly. We took a step back for a moment to understand the market and the behavioral changes. We found that people just wanted a practical and convenient way to transact,” he said. “What we found was that fingerprint would make that difference. We are all already conformable with using biometric technologies, so we decided to take this to the banking and financial sector,” he said.

“With this you can use your fingerprint to make any payment or banking transaction. Whether you want to withdraw your cash from the ATM or make a transaction at a branch or make a purchase at a shop, all you would need is your fingerprint and PIN.” The agreement is a result of the financial support of Tamkeen, with the support of the EDB and CBB, and will see the new Biometric Payment Network available in phases for Ithmaar Bank customers as early as Q1 2019.