FinTech startup Sign2Pay has introduced a new mobile payments method that allows consumers to pay for online orders by signing the screen of their smartphone.
The application links the user’s bank account to their signature, by analysing over a thousand datapoints in the signature. Sign2Pay claims the method offers a security level on par with biometric authentication, and outweighs that of traditional passwords and PIN codes.
The Belgium-Dutch startup launched their offering at this week’s TechCrunch Disrupt conference in London. The Sign2Pay platform can process payments from over 3,700 European banks and the company is looking for merchants to register to start accepting mobile debit payments.
Nicolas Mertens, CEO and co-founder of Sign2Pay, said: “Online debit payments have been plagued by inconvenient and cumbersome authentication methods such as challenge response systems and physical card readers. Allowing users to use their personal signature not only increases trust and speed, it also increases sales conversion rates for merchants.”
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