The biometric payment network will enable the bank’s customers to use their fingerprint along with a PIN to process financial transactions at ATMs instead of using bank cards.
Bahrain’s Ithmaar Bank has partnered with Eazy Financial Services to launch the first biometric payment network in GCC.
The biometric payment network will be supported by the Labour Fund “Tamkeen”, providing a simpler, more secure way to process financial transactions.
In a statement, Ithmaar Bank said that the new system will allow more efficient alternative for customers to conduct many of their financial transactions.
Ahmed Abdul Rahim, Ithmaar Bank’s CEO, said, “As part of our digital strategy, we continue to invest heavily in technology that provides our customers a more convenient, simpler and more secure way to conduct their financial transactions.”
“Going forward, biometrics for financial products and services are expected to represent one-third of the total market for biometric solutions in 2020,” added Khaled Al Ahli, Eazy Financial Services’ CEO.