Precise today announced that the payment smart card from one of its partners in the Smart Card product area, the Korean IT corporation KONA I Co ltd., has received a Mastercard Vendor Letter of Approval. The payment smart card from Kona I utilizes Precise BioMatch Card, and the letter of approval is an important step for the commercialization of the card, addressing the market demand to enhance contactless payment-card security and convenience.
Having obtained the Mastercard Vendor Letter of Approval means that the card fulfills the Mastercard compliance requirements and procedures (CAST, CQM, CSI and IAT) including biometric security and performance criteria as a Fingerprint payment smart card.
“We are happy that our fingerprint technology is integrated in the payment smart card from KONA I now receiving the Mastercard approval, an important step forward for bringing user-friendly payment cards with biometric authentication on the market”, says Precise CEO Stefan K. Persson.
KONA I’s payment smart card has a built-in fingerprint recognition device and is a card that identifies the fingerprint of the cardholder. It utilizes Precise product BioMatch Card, a powerful algorithm solution for fingerprint recognition in smart cards, enabling convenient and secure contactless payments. It allows both contact and non-contact payment, quick and convenient payment without requiring a separate password input or signature, and is free from payment infrastructure as it is compatible with existing IC chip payment terminals.
About KONA I
Kona I is an IT corporation that provides total solutions and platforms to the global Fintech market. Since 2004, Kona I has supplied the IC Chips to the telecommunications industry, banking industry and governments using its proprietary Kona chip operating system (OS), and is expanding its business areas to provide platform solutions such as payment platform, local community platform, blockchain platform, data platform, and IoT platform.