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Enterprise Security Magazine | Wednesday, April 27, 2022
While fingerprint recognition remains the most prevalent application of biometric solutions, new technology based on facial recognition is rapidly gaining traction.
FREMONT, CA: Biometric payment is a point-of-sale (POS) technology that utilizes biometric authentication based on the user's bodily attributes to identify the user and approve the withdrawal of monies from a bank account. The most widespread biometric payment method is fingerprint payment, based on finger scanning.
Frequently, the system will employ two-factor authentication, in which the finger scan replaces the card swipe, and the user enters their personal identification number (PIN) as usual.
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Biometrics has gained popularity in the United States, particularly in grocery stores, gas stations, convenience stores, and one-click payment for online sellers such as Amazon.
Biometric payment adoption has not slowed, perhaps more so in the aftermath of the COVID-19 epidemic, during which social alienation became a global issue. According to Visa data, over 70 percent of consumers will consider biometric payment a more convenient payment method in 2021.
As a result, Kenneth Research forecasts that the global biometric payment market will more than triple from 2018 to 2027, growing at a compound yearly growth rate of 49 percent. Meanwhile, the research group forecasted that the mobile payment segment would expand by 52.7 percent within the same period.
The benefits of biometric technology are increased end-user security and a more convenient and faster payment experience. There is no requirement that the end-user carries cash, cheques, or credit cards, and in comparison to credit or debit cards, there is a lower cost per transaction for the merchant. Naturally, like with any growing technological advancement, there will be obstacles to overcome. Biometric payment is a contentious issue. Fingerprint scanners have historically been connected with law enforcement. Critics of biometric payment are concerned that government agencies or law enforcement officers may gain access to fingerprint sensors.
However, biometric payment service providers swiftly point out that their databases do not contain the customer's actual fingerprint. They save an encrypted number derived from the point-to-point measurements of the finger.
This number, not the actual fingerprint, is used to validate a customer's identification. This means that a biometric payment system, like any other system that accesses sensitive information, is only as safe as the databases and transactions associated with.
Although fingerprint recognition is currently the most common use case for biometric solutions, an emerging technology that utilizes facial recognition is rapidly becoming more popular. Another popular payment method is to use a digital wallet on a smartphone or other mobile device instead of a credit card. For example, Apple Pay, which is available on newer-model iPhones and fingerprint recognition or PIN on older-model iPhones, is built into the latest generation of iPhones.
See Also : Payment And Card Solutions Companies
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