“…customers will be able to sign into their accounts using a fingerprint scan or facial recognition, offering greater convenience and stronger security since these credentials can be used to replace cumbersome passwords.”
UK-based payment services provider Lateral Payment Solutions, or Latpay, has embraced the biometrics- and blockchain-based identity technology Nuggets.
The latter’s technology has been integrated into the Latpay interface, which means that merchants on the Latpay network will now be able to replace customer data with biometric credentials. That, in turn, means their customers will be able to sign into their accounts using a fingerprint scan or facial recognition, offering greater convenience and stronger security since these credentials can be used to replace cumbersome passwords.
The consumers’ data itself, meanwhile, will be stored in Nuggets’ blockchain ledger, further securing it against possible hack attacks.
In a statement announcing the Latpay partnership, Nuggets CEO Alastair Johnson explained that it “will extend the reach of Nuggets to consumers who want to use it to pay with credit and debit cards,” adding that the platform offers Latpay “the significant opportunity of frictionless digital identity, payment and verification through blockchain”.
It’s an integration that should help to shore up the legitimacy of Nuggets as well, whose platform initially had a strong focus on enabling end users to share their personal data in exchange for Nuggets’ own cryptocurrency tokens, but now emphasizes the simplicity and security of storing data on a blockchain ledger and securing it with biometrics. And with the integration arriving just ahead of the implementation of the PSD2, it could attract serious attention from merchants looking for an effective and simple means of compliance.