Precise CEO Sees Bright Future in Access Control and Biometric Payment Cards

In the wake of a positive second quarter report, Precise Biometrics is looking ahead to the fall and beyond, aiming to keep its success rolling. In a recent blog post on the company website, CEO Stefan K. Persson reflected on the major highlights of the previous months and gave insight into the company’s bright prospects.

Notably, Precise saw strong development in spite of COVID-19. Part of this success is due to the company’s expansion into multimodality and the access control market via its YOUNiQ product. YOUNiQ – Access fits into a major trend in biometrics and the wider security industry, providing integrators with contactless biometric authentication options. With physical distancing measures and directives to avoid touching shared surfaces, many organizations are looking for technology like YOUNiQ to reopen their doors in the safest manner possible.

“Our solution is ideal for companies who have staff or visitors who need to physically attend their premises,” wrote Persson. “Without the need for expensive, cumbersome and time consuming processes to issue keys or other physical tags, authorised individuals are simply onboarded at a convenient time digitally. Then they can enter the facility easily via facial recognition which is matched against the selfie they provided during onboarding. Importantly during this time of heightened hygiene, there is no need to touch anything in order to enter the facility – no pin pad or tags needed and you can be sure that only the right individual has been granted access.”

Persson noted that YOUNiQ – Access was deployed by Temporary Space earlier this year. Furthermore, the company announced yet another YOUNiQ partner, RCO Security, just yesterday, giving further credence to the CEO’s optimism.

Another pandemic era trend earned a mention in Persson’s statement, too: contactless payment cards. The aversion to shared surfaces has created a major shift toward tap-to-pay card transactions, with many physical retailers continuing to refuse cash. Biometric smart cards have been suggested as a viable way to increase tap payment limits while ensuring security.

Precise’s biometric software is also finding its way into biometric cards, so there is quite an opportunity for the company once major commercial orders begin to ship. But that might be a little further down the road. As Persson writes: “While this will not happen immediately – we do not yet expect any major volumes of biometric cards from any of the card issuers in 2020 – it will be an exciting area to watch once card issuers can start to mass produce the cards to harness this innovation.”

In any case, with its impressive maneuvering Precise Biometrics has shown that while the coronavirus pandemic is presenting widespread industry challenges, there are still reasons to stay excited about strong authentication in the access and payments spaces.

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August 27, 2020 – by The FindBiometrics Editorial Team