NADRA has launched contactless biometric verification technology for the banking and payments industry, as per the request of SBP. NADRA contactless biometric verification technology was launched during the visit of SBP Governor Dr Reza Baqir to Nadra Headquarters.
Speaking on the occasion, NADRA Chairman Tariq Malik said; “This new technology makes contactless fingerprint acquisition and matching possible using a smart mobile phone, providing an alternative to conventional methods of conducting digital financial transactions that may require specialised equipment or visits to bank branches.”
NADRA contactless biometric verification technology is in a test run
Pakistan is one of the first countries in the world to implement the technology on a national level. The banks in Pakistan will make use of the digital app on smartphones to capture and verify the biometrics of the potential account holders from the comfort of their homes.
The service is initially extended to five banks nominated by the SBP for a pilot run. Once the test run is completed, the contactless biometric verification technology will be extended to all banks/EMIs.
SBP Governor Dr Reza Baqir said; “This new mobile-based verification service for banks and EMIs is in line with SBP’s financial inclusion initiative while creating opportunity for rapid onboarding using remote identification and e-KYC features.”
He further added; “Early adoption of this new technology has endless potential to reach the under-serviced population while it extends the great benefit to the financial sector by reducing the operational costs, aiding in releasing the pressure on banks, which have been negatively impacted during the pandemic.”
A Paradigm Shift in the banking system
To ace digital banking in Pakistan, the contactless biometric verification technology will serve as a paradigm shift from conventional banking methods to digital banking. The banks and EMIs will soon start offering new digital banking services to their customers as they have started the development work to utilize this newly launched technology.
Source: The NEWS