Alhamrani Universal is hoping to use blockchain and biometric technologies to eliminate the need for PIN entry at its ATMs. The company is Saudi Arabia’s largest provider of ATMs and has announced a new partnership with ShoCard to introduce facial recognition software to verify user identities regardless of their chosen banking partner.
“The ShoCard solution will solve the issue of card fraud at ATMs that continues to plague banks and consumers,” said Armin Ebrahimi, Founder and CEO, ShoCard. “It fits nicely into existing ATM technology, which usually already has a camera installed, and makes the customer experience as seamless as possible.”
ShoCard’s combination of blockchain and biometrics will offer greater security than either does alone and is designed to safeguard transactions across banks and locations. The company says its technology uses five-factor authentication, including things like QR codes and timestamps in addition to biometrics, to facilitate cash withdrawals.
“We’re delighted to be working with ShoCard to develop a blockchain-based biometric ATM that will play a major role in helping to reduce fraud for consumers,” added Tariq Abdat, CEO, Alhamrani Universal.
The new ATMs are currently in the prototype phase, but there are plans to move to full production once testing is complete. Biometric ATMs have already been deployed elsewhere in places like Taiwan and Spain.