The state-run Korea Internet Security Agency said on Thursday it aims to develop new authentication technology to more simply certify and transfer money with biometrics information such as fingerprints or iris without inserting passwords.
The agency said it aims to complete the technology development by November and to provide the service within this year in partnership with online shopping malls, PG and card companies.
As smartphone makers such as Samsung Electronics, LG Electronics, Pantech and Apple are competitively unveiling smartphones equipped with fingerprint sensors, the development of simple authentication services linked to FIDO is expected to gain momentum in Fintech areas such as e-commerce and financial transaction.
FIDO (Fast IDentity Online) is technology, which focuses on leveraging existing biometric capabilities within mobile devices such as fingerprint sensors, iris scan, voice recognition and facial detection. 150 global firms including Paypal, Alibaba, Lenovo, Samsung Electronics, Visa Card and Master Card have already adopted FIDO technologies.
“With safety and convenience are becoming more important in smartphone technologies, FIDO is expected to boost as a means of authenticating Fintech services,” said Kim Joo-young, chief of KISA’s security industry technology division.
KISA also said, “There are already separate spaces for saving bio information in many smartphones. Through the FIDO technologies, the bio information can be safely delivered as it is encrypted.”
By Lee Kyung-ho
