Finance Monthly May 2019 Edition

10 www.finance-monthly.com NEWS - MONTHLY ROUND-UP THE MONTHLY ROUND-UP The first biometric fingerprint card issued by a UK bank has entered circulation last month. As part of a national trial, NatWest is piloting cut- ting edge, biometric finger- print technology with 200 customers. Customers can now use their fingerprint to verify transac- tions above the £30 contact- less limit, increasing secu- rity and making it easier for customers when paying for goods or services at the tills as no PIN is required. As well as retaining contactless func- tionality, the fully integrated card can be used as normal in ATMs, the post office and for digital banking. A fingerprint is registered onto the bank card and this can be done in a customer’s own home using new tech- nology. Once a fingerprint is locked onto a card it cannot be changed. The fingerprint is only held on the card and not centrally by the bank with each transaction verified us- ing data which is encrypted and stored locally on the card. The new cards work with ex- isting contactless and Chip and Pin terminals meaning shops will be able to accept payments without updating their technology. David Crawford, Head of Payments NatWest said: “We are using the very latest tech- nology across our business to make banking easier for our customers and biometric fingerprint cards are one of the many technologies we are exploring further. This is the biggest development in card technology in recent years and it’s great to finally see the cards in the hands of our customers.” NatWest is working closely with digital security company Gemalto and Visa to bring the service to customers in the UK. Howard Berg, Senior Vice president, UK Ireland and Switzerland of Gemalto, a Thales Company, said: “We are thrilled to be the first in the UK to bring this exciting payment innovation to UK consumers. We’re confident that consumers will love the convenience, enhanced security and great user ex- perience that this new card provides. Biometric authen- tication and identification is set to transform financial ser- vices and we’re proud to be NATWEST UNVEILS BIOMETRIC CARD The latest research commis- sioned by global cryptocur- rency company Luno has shown that for the first time in the UK 20%, one out of five, people questioned now own a cryptocurrency. In Europe, the level of ownership has increased by 5% (to 24.75%) from Q1 to Q2. Commenting on the in- creased uptake of cryptocur- rencies, Marcus Swanepoel, CEO and Co-Founder of Luno said: “The volatil- ity associated with the main cryptocurrencies, Bitcoin and Ethereum, had put off many investors and busi- nesses. The recent stability in the coins, aligned with the increased general market uncertainty over issues such as the global trade wars and Brexit has made crypto a logical choice for firms and individuals looking to reduce their levels of exposure The research has shown that for Brexit area investors seek- ing alternative investment methods, cryptocurrency is becoming an attractive op- tion. Adoption significantly increased, according to data collected in March 2019, as Europeans moved some of their funds away from the Euro and Sterling into digi- tal currencies. These were used for managing payments (22.5%), shopping online (31.25%) or as part of an in- vestment portfolio (58.25%). In the UK, 67% of buyers bought crypto as an invest- ment, a significant increase in the Q1 survey of 55%. “At Luno we can also see increased confidence across Europe amongst potential crypto investors as France pushes the European Un- ion to adopt a regulatory framework on cryptocurren- cies similar to the guidance they have implemented at a national level. Even with this ‘Brexit’ effect, Europe is still a long way behind other countries in adopting Bitcoin, Ethereum and other coins. For example in Africa, ac- cording to Luno’s research, just under 50% of Nigerians own a cryptocurrency, with a similar level being recorded leading the way in this field alongside our partners.” Jeni Mundy, Managing Direc- tor, UK & Ireland, Visa, said: “In financial services, biom- etrics are gaining ground as a secure and conveni- ent alternative to passwords and PINs. This technology has the potential to make the lives of consumers easier and provides greater choice to confirm their identity. At Visa, we’re committed to working with partners to develop and invest in emerging capabilities that deliver a better, more se- cure payment experience for consumers” The pilot runs for three months. in Indonesia.”, added Mr Swanepoel. Following the progress made in France, the European Commission has recently launched a feasibility study on how to regulate the cryp- tocurrency markets, though no legislation is expected at least until late 2019. Whilst the majority of European cryptocurrency holders said they acquired the digital as- sets for investment purpos- es, Q2 saw a great increase in individuals in Europe us- ing cryptocurrency for on- line shopping with France dominating the adoption with a great increase from Q1 (26%) to 35% in Q2. Over half of the individuals in Italy (66%) 37% in the UK and 40% in France, said they would like to use cryptocur- rencies to pay for things in stores and online. Mr Swanepoel, concluded: “The global uncertainty cur- rently impacting traditional financial markets shows the benefits of alternative invest- ment systems which allow for secure, easy and efficient payments and investment options. It is the perfect time for everyone to look at how the world views and uses money, and to consider the real benefits of decentralised currencies.” CRYPTOCURRENCY ADOPTION ACCELERATES IN Q2 OFF THE BACK OF GLOBAL FINANCIAL MARKET CONCERNS