April 24, 2024

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[THE INVESTOR] Korean fintech firm Kona I has partnered with payment services provider AirPlus International to offer cards using biometric authentication technology, according to the firm on Oct. 8.

The technology will enable cardholders to use fingerprints for verification instead of personal identification numbers or signatures. The firm expects to “speed up transaction time and provide increased convenience and security” through the biometric authentication.  

Cardholders will not need to charge their cards in order to use the biometric technology, which is based on an energy harvesting solution patented by Kona I.

The hybrid card is the first in the world that does not require a signature or pin number after identifying the card number via integrated chips. It verifies cardholders through their fingerprints once they grab the card for payment, the company said.

The payment solution is currently going through a test period.

Headquartered in Seoul, Kona I was founded in 1998 and listed on the second-tier Kosdaq market in 2001. AirPlus International is a corporate payment gateway arm of German airline Lufthansa. It offers payment platform services to more than 49,000 firms worldwide.

By Son Ji-hyoung / The Korea Herald (consnow@heraldcorp.com)