Is the Biometric Fingerprint Technology the next revolution in the Payment Industry?

Banking CIO Outlook | Tuesday, December 18, 2018

Although biometric technology is still in its infancy stage but has influenced our everyday lives and when it comes to money-related matters, security becomes a paramount concern for it. However, biometric technology will become mainstream and will soon be deployed in other fields apart from unlocking phones or getting through the border control.

• A perfect alternative to our PIN

The payment industry is readily adopting biometric through the development of credit cards with an embedded fingerprint reader which is replacing the need of traditional chin or PIN transaction. For instance, customers can pay for goods by merely placing their fingerprint on the sensor on the card’s surface and if the fingerprint matches, the transaction is authorized. However, if the print doesn’t register, PIN-code will be available as a backup option. These cards are an excellent alternative for traditional credit cards and are designed to meet the expecting needs of the consumers.

This innovation is a way towards development as consumers no longer need to remember the complicated PIN codes and the biometrics card will be revolutionary in making the transaction process much safer. Another added advantage is that the fingerprint data is stored only on the card and cannot be accessed by the manufacturer or a third-party.

• A new approach to security

As biometric cards have protection built into the design, it’s undoubtedly a new approach towards security which ensures that these banking cards will be able to protect the consumers against the banking and cyber threats. Therefore theories like fingerprint reader are not secure and can be duplicated easily are entirely false. Moreover, this technology which is used to build a scanner will advance and strengthen over some time. The readings of the fingerprints would further improve, making it resistant to attacks. Banks can cancel these biometric cards just like the other credit and debit cards.

The chip’s high-level encryption ensure that the card can withstand the robust attempts to access the data thereby helping to neutralize fears associated with the data inside the chip. If for any reason, the print is denied, a PIN code can be used as a secondary form of ID verification.

Biometric is the future of payments which is providing convenience, reliability, and security in the transactions. The innovation driving behind the biometric card is not static; it is going to evolve with further advancements. If enterprises are looking forward to providing convenience and security to their consumers, then the biometric card is the perfect solution.

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