The World of Biometric payment system is here and its benefits in the financial and Banking Arena

Biometric technology is the call of the hour and is optimally utilized almost everywhere in the modern tech-savvy world today and is already ruling a huge success especially in the smartphone world, wherein a greater part of smartphones is equipped with a foolproof system.

Payment Industry continues its quest in striving harder for the payment authentication methodology by enhancing the level beyond the traditional methods of card payment and mitigating the risk of disruption to the card manufacturing process.

The Biometric system is a huge hit amongst the tech-savvy consumers who wish to have the privilege of having both the convenience and security as their utmost priority with the support of facial or traditional PIN (Personal Identification Number) being utilized for the most part of the financial system.

It is also gaining a lot of momentum in the payment cards industry with the advent of the advanced inbuilt On-card fingerprint sensing chip system for added security and convenience factor for the consumers accessing the same.

Let us now ponder upon the methodology of how the Biometric Payment system utilizes the simple fingerprint authentication available otherwise in case of Smartphones for making a contactless payment system and easing out the tension prevailed in otherwise a tedious transactional Procedure.

     Methodology:

   With the latest Artificial Intelligence and cloud computing networking modules, being the need of the hour, Financial and Banking Arena has now been transformed from their traditional approach to modern contactless and chip-enabled dual interface-based payment support system. Visa the Market Leader in this segment has launched its pilot U.S based latest dual-interface backed with an on-card biometric sensor (the chip- and contactless-enabled) enabled payment card with Mountain America Credit Union and Bank of Cyprus.

  • The Contactless convenient swipe in the card system will enroll the fingerprint of the cardholder or consumers that are conveniently accumulated in the Contactless card.
  • When the consumer or cardholder places their biometric finger during the transaction, card senses and verifies if the scanned print is the same as its users for allowing foolproof security. When there is the green or red light flashing on the screen, it determines whether there is any match or mismatch and thus, determines whether the transaction is successful or unsuccessful.

The benefits the tech-savvy consumers receive from the Biometric Payment System are as follows: –

  1. Extremely secure and Security Enabled coded chip: –

Standard four-digit PINs are typically thought-about insecure, whereas biometric fingerprint technology is widely known as being extremely secure. The embedded enterprise-level biometric algorithms are ready to exceed 99.99 percent authentication accuracy. It also comes out with added complete standardized 2 layered security embedded feature inbuilt for a foolproof security plan thus, protecting risk of data redundancy or mismatch and saving the value of precious transactions.

  1. Convenience level enhanced and broadened areas for utilizing payment cards with ease: –

     It makes the transactional phase and making payment a completely hassle-free and convenient, thus, offering more satisfaction and stress-relieved living for consumers. In this case, a general cardholder simply has to go through the integral fingerprint sensing element whereas presenting their card to the payment terminal. Once their biometrics match, the payment is permitted while not having to enter a PIN.

  1. Ease in initiating, 100 percent success in setting them: –

Biometric-enabled payment cards also are straightforward to set them up – just from the convenience of being at the feel like home state and saves precious time to not even visit the bank. It’s just that easy! As well once being settled it up, it also provides the merchants, as well as consumers perfect 100 percent foolproof security, the backed transaction that is free from any frauds, claims, disputes, etc.

  1. A Win-win situation: –

Both Consumers and Merchant Establishments can reap their share of advantages with contactless biometric payment cards. The banks will strive to curb the payment card fraud and instill the trust amongst consumers whereas retail businesses can expertise a lift in sales as consumers can create more frequent transactions and pay less time creating payments.

  1. Time-saving: –

Entering a PIN will take a short time however, biometric authorization is a seamless and near-instant method. Identity verification not solely expedites the group action however additionally guarantees peace of mind that the buyer is searching for any time they use their payment card.

  1. Non-public and unambiguously personal: –

The identity verification method is unambiguously personal and exclusive to the user. It’s nearly not possible to simulate a person’s distinctive fingerprint. Privacy is protected too by guaranteeing the user’s biometric credentials ne’er leave the cardboard.

  1. Strong and environmentally friendly: –

The biometric payment cards are even as skinny, little and flexible as ancient cards. Since the biometric system consumes terribly low power, no battery is required for the card to figure.

  1. Additional convenient transactions: –

Users will create secure, convenient payments anyplace within the world. Adoption can encourage higher price contactless purchases at retail stores resulting in enhanced profitableness for brick and mortar businesses.

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