NXP Unveils Breakthrough Tech For Payment Cards
NXP Semiconductors N.V. has debuted two significant technology breakthroughs at the largest fintech innovation event, Money 20/20, in Las Vegas.
The company will showcase its new contactless fingerprint-on-card solution while also demonstrating a new world benchmark for payment card transactions speeds. Fingerprint sensors on payment cards The fingerprint-on-card solution gives payment network operators and banks a secure, convenient and fast payment card option to consumers. Coupling dual interface cards with an integrated fingerprint sensor enables faster transactions without the need for end-users to enter a PIN number. "The result provides a secure and dramatically more convenient way for consumers to make payments. The convenience provided by mobile payment in today's NFC-based mobile wallets can now be replicated with cards. It is also ideal for use in other form factors and applications such as electronic passports," said Rafael Sotomayor, senior vice president and general manager of secure transactions and identification business.
"The breakthrough reinforces NXP's commitment to the payment and secure identification space by helping our customers deliver next-generation applications and solutions to the market." To ensure a lower barrier of entry for card makers, the company's secure fingerprint authentication solution on cards does not require a battery and easily fits into standard card maker equipment as part of the broader payment ecosystem. Cards with fingerprint authentication are fully compliant with existing EMVCo point-of-sales (POS) systems. New Benchmark for Blazing Transaction Speeds Demonstrating seamless, fast, and smart card transaction experiences, the NXP high-performance platform makes it possible to achieve M/Chip transactions speeds of <200 ms, surpassing the industry requirement of 300 ms.
"This increased level of performance offers flexibility to add new features or higher crypto countermeasures and still meet current industry transaction requirement," said Sotomayor. "The requirement for faster payment transaction will continue, and NXP is committed to providing the performance to meet these needs and make contactless transactions faster and flawless."