Nok Nok Labs has formed a strategic collaborative partnership with CompoSecure Holdings, a premium financial payment card provider to develop a digital identity card for online business and payments, based on the FIDO protocol.
CompoSecure provides the Arculus platform to help make cryptocurrency trading easier and more secure for consumers without high-tech training, and Nok Nok’s solution will provide strong and easy-to-use authentication, according to announcement of society, using biometrics or a physical token as a second factor. The Arculus platform is currently in beta test.
The metal digital ID card that companies plan to produce will serve as an authentication method for any digital service or device, the announcement says, allowing users to scan their payment or credit card to complete digital transactions. In addition to the use cases of payments, online banking, and cryptocurrency, businesses are seeing use cases of online gaming, gambling, and digital identity for the card.
The Arculus Key card provides empty storage and connects to the Arculus Wallet app via encrypted NFC.
“More and more people are transacting online because they are convenience-driven and their adoption of digital banking highlights their convenience with digital tools,” says Adam Lowe, Chief Innovation Officer of CompoSecure . “This new technological platform will ensure that you, and only you, are authorized to make a transaction with CompoSecure’s metal cards, with a simple and secure action, such as swiping a finger, entering a PIN code and placing your card on. your phone for an NFC Encrypted Transaction.
CompoSecure entered into a merger agreement with specialist acquisition firm Roman DBDR Tech Acquisition Corp earlier this year.
“We see this collaboration with CompoSecure as a change for Nok Nok, bringing our vision of greater security and a better user experience to all consumers around the world,” said Phillip Dunkelberger, CEO of Nok Nok. “While securing payments is a key goal, we will be working with CompoSecure in other key areas such as eGaming, cryptocurrency exchanges, e-passports and more. From everyday use as a credit card to securely logging into a variety of e-commerce transactions, consumers will have a reliable method for their online and offline activities.
Biometric cards serving as cryptocurrency wallets and digital wallets are gaining increased interest from vendors, potential customers and other stakeholders.
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