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Touché, OCBC Bank Bring Fingerprint Authentication to In-Person Commerce

Singapore-based authentication specialist Touché has signed a deal with OCBC Bank. The agreement will bring fingerprint-based biometric payment and loyalty management technology to the bank’s credit card acceptance merchants that maintain a brick and mortar presence. Medium to high end F&B (food and beverage) establishments are among the initial target customers.

Quoted in the Global Banking and Finance Review, Touché CEO and co-founder Sahba Saint-Claire explained that while his company’s technology provided a safe and easy way for consumers to transact in person without needing multiple payment cards, there was more to Touché than just payments and biometrics.

“We are a solution that enables merchants to provide their customers with personalized experiences to deepen their relationships,” Saint-Claire said. “Touché is a key point of differentiation for banks and merchants, helping them grow their business by delighting customers and offering the next level in people engagement.”

Touché co-founder and CEO Sahba Saint-Claire demonstrating the company’s fingerprint biometric solution for in-person transactions at FinovateEurope 2018.

Touché works by linking fingerprint biometrics with card data – eliminating the need for both passwords and physical payment cards. Focused on in-person transactions rather than online commerce, Touché provides merchants with a device that features a chip reader, magnetic stripe reader and a two-finger fingerprint scanner that enables biometric authentication.

Once verified, customers can choose their preferred payment method from the available options. Any discounts, loyalty or rewards are applied automatically. The platform also sends the consumer an email receipt with billing, rewards, and other transaction-related information itemized. Customers register once and can use the service globally.

“Gone are the days of carrying cards and phones and vouchers and coupons,” Saint-Claire said from the Finovate stage earlier this year. “All you need are two fingers.”

Touché works with a wide variety of payment options including credit cards, debit cards, QR code, and proximity payments (GooglePay, ApplePay, AliPay, etc.). The company expects to add cryptocurrency payments soon. Merchants also benefit from historic and predictive customer transaction behavior analysis and insights, which can help them design and execute targeted marketing campaigns to their customers.

Head of Group Lifestyle Financing for OCBC Desmond Tan suggested the partnership was a positive step for both the bank’s customers and the future of in-person digital commerce in the country. “It will make digital e-payments simpler and more accessible than using cash,” Tan said, “and will help to drive Singapore’s push towards becoming an e-payments society.”

Founded in 2014 and headquartered in Singapore, Touché demonstrated its platform at FinovateEurope 2018. Currently with offices in Barcelona, Spain, and in Tokyo, Touché is looking to expand to Australia, UAE, and Europe, with plans for a U.S. launch in 2019.