Singapore’s Citibank to adopt digital wallets and voice biometrics

Singapore: Citibank Singapore has announced that it will be initiating its first e-wallet service through Samsung Pay, which is planned to be introduced in the country on 16^th June, 2016.

The launch of Samsung Pay in Singapore’s market will strengthen the initiation of digital wallet services across the market of Southeast Asia region. According to the Head of Merchant Acquiring and Emerging Payments of Citibank, Peng Chun-Hsein, Samsung Pay will allow the execution of transactions at a better rate of retail point sales as compared to Apple Pay.

After the introduction of Samsung Pay in the market, the bank is also aiming to launch Citi Pay, its proprietary digital wallet, by the end of 2016 which will be designed for the NFC-enabled Android users in the country.

In addition to the launch of digital wallet, the bank also planning to introduce voice biometric authentication technology services for minimizing the authentication process time of the bank’s customers. In May 2016, OCBC Bank also introduced its voice biometric authentication service in the country for the same purpose.

TechSci Research analyses that the introduction of digital wallet and biometric technology related services in Singapore will improvise the customer experience related to the services.

TechSci Research, a consulting and market research firm published a recent report, “Global Biometrics Market By Type, By End Use Sector, By Region, Competition Forecast and Opportunities, 2011 – 2021”, the global biometrics market is projected to cross US $ 24.8 billion by 2021. Fingerprint recognition biometric systems are the most preferred type of biometric systems used across the globe, owing to their ease of use, low cost, high speed and accurate results. However, in terms of growth, vein scanner biometrics systems segment is anticipated to outpace fingerprint recognition biometrics systems over the next five years. In 2015, North America dominated the global biometrics market, and the region is anticipated to maintain its dominance over the next five years as well.