NXP unveils ‘breakthrough’ payment card technology
Announcing at the Money 20/20 fintech event in Las Vegas, the company unveiled a new contactless fingerprint-on-card solution and is demonstrating what it says is a new world benchmark for payment card transactions speeds. The fingerprint-on-card solution is offered as providing payment network operators and banks a secure, convenient, and fast payment card option to consumers.
“The result provides a secure and dramatically more convenient way for consumers to make payments,” says Rafael Sotomayor, NXP senior vice president and general manager of secure transactions and identification business. “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.”
The secure fingerprint authentication solution on cards requires no battery and fits into standard card maker equipment as part of the broader payment ecosystem. Cards with fingerprint authentication are fully compliant with existing EMVCo Common Payment Application specification point-of-sales (POS) systems.
NXP is also demonstrating what it described as “seamless, fast, and smart card transaction experiences” with its high-performance platform. According to the company, the NXP high-performance platform makes it possible to achieve M/Chip transactions speeds of less than 200 ms – exceeding 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,” says 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.”
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