RBS share price: Group trials biometric bank card

on Mar 11, 2019
Updated: Mar 11, 2020

Royal Bank of Scotland Group (LON:RBS) is set to pilot a biometric bank card which will allow users to verify a purchase by using their fingerprint, the BBC has reported. The move is intended to increase security of transactions.

RBS’ share price has climbed higher in London in today’s session, having gained 0.23 percent to 257.60p as of 14:32 GMT. The advance is largely in line with gains in the broader UK market, with the benchmark FTSE 100 index currently standing 0.27 percent higher at 7,123.57 points. The group’s shares have lost about 1.6 percent of their value over the past year, also largely in line with the Footsie.

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Blue-chip lender to trial biometric card

The BBC reported today that RBS was set to pilot a biometric card, allowing customers to verify a purchase with their fingerprint. The trial, which will involve 200 RBS and NatWest customers in the UK, is due to start next month and last three months.

The cards are fitted with a built-in sensor, which is powered by payment terminals. When users place their fingerprint on the sensor, a comparison is performed between the scanned fingerprint and biometric data stored in the card.

‘Biggest development in card technology

The BBC reported that RBS had described the new card as “the biggest development in card technology in recent years”. The lender is working on the project with digital security company Gemalto, as well as Visa and Mastercard.

“Using a fingerprint rather than a Pin code to authorise transactions has many advantages, primarily enhanced security and greater convenience,” Howard Berg, UK managing director of Gemalto, commented, as quoted by the newswire, adding that cardholders “no longer need to worry about the limit on contactless payment transactions”.

As of 15:08 GMT, Monday, 11 March, Royal Bank of Scotland Group share price is 257.60p.

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