The growing need for Biometric Payment Systems
In this blog, the focus is on the growth of biometric payments. It touches upon the aspects contributing to the growing use of biometric smartcards in payments space and a look ahead on how this technology fits into the future. This is an interesting topic to discuss as it has been a considerable time since the evolution of biometric smartcards. It is also interesting to look at some of the latest research statistics.
Google Intelligence research has stated that biometric payments are about to take off, It is expected that over 2.6 billion biometric payment users by 2023. This number boosts up the expected success of biometric payments in the near future. The factors that are expected to drive this growth are:
- Frictionless authentication while paying across Omni-channels
- Preferred need to reduce payment fraud
- Industry and state regulations
- Technology Standardization
It has been a proven fact that biometrics is one such technology that supports authentication across multiple payment channels. It naturally is the most important technology to rely on against fraud in almost all payment channels. Currently, there are over 575 million customers already using biometrics and this number is expected to grow to 1.2 billion users by the end of 2020. This wide acceptance of biometrics is the major driving factor towards the preference of biometric payments.
Though biometric smart cards have been around for some time, the year 2019 has shown real promise by delivering convenience (speed and performance) with security (reliable authentication) and thereby fitting well into existing payment systems perfectly. The process has now been standardized right from easy enrolment of users biometric data, affordability and reliability. This creates a possibility for the future for more users to adopt smart cards as per these standard production processes.
At TrueID, we are ensuring the right balance between convenience and security for biometric performance, speed, fast fingerprint matching. The success driving factor for us at TrueID, the speed is about one second, which is much quicker than typing a PIN. We assure the consumers about security and make sure that the individual’s fingerprint details never leave the card and are stored in the card secure element. The matching process also is carried out in the card secure element only. Security is never compromised.
We at TrueID are ready to cater to the growing need of biometric payments globally with a couple of ready use cases of having delivered this successfully.
For more information, email us at email@example.com.