As per the agreement, the fintech will be enabled to successfully complete the world’s first bank-to-bank, face to face payment using Finger VeinID. Thus, retailers and merchants are allowed to handle bank-to-bank transactions (in addition to traditional card rails), reducing costs and receiving instant settlement in up to three hours, as per Money Control.
The month-long pilot comes as a result of the partnership with Reflow, although Fingopay gears up for its global launch later this quarter. Starting spring, merchants will adopt the Fingopay network and let customers pay with just a scan of their finger.
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