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FREMONT, CA : Every day, thousands of incidents occur around the world, creating friction and frustration for both consumers and companies. However, a new generation of biometric authentication methods is on the horizon, making this type of experience obsolete. Biometrics' use in banking has exploded in recent years, and a new generation of biometric payment systems is poised to speed up the process. Following are its top benefits.
Biometric payment technology allows customers to identify themselves quickly, easily, and without difficulty. Biometric cards with fingerprint scanners enable a person to make a transaction simply by being physically present–no other information is required.
There Is No Need for A PIN Number
Remembering PINs can be difficult, particularly for credit or debit cards that one does not use much. Biometric payment eliminates the need to recall these numbers entirely, alleviating the difficulty of remembering several PINs for various accounts.
No Limit on Contactless Spend
To reduce the possibility of fraudulent transactions if a physical card is misplaced or stolen, contactless card payments are usually set at a low cap. On the other hand, biometric card payment technology can only be used by the card's user. There will be no need for a limit on contactless payments as a result.
Due to the uniqueness of an individual's biometric features, using biometric payment methods provides better protection to both consumers and banks. The card compares the user's finger on the scanner to the reference data safely stored within the card until approving a payment. Also, low-value contactless payments are not possible if the card is lost or stolen.
By using conventional identification methods, banks must cover substantial administrative costs. Proving customer identity is costly, whether it is issuing PINs, manufacturing home card readers, or checking the identities of new customers. On the other hand, biometric banking allows financial services organizations to minimize paperwork and streamline processes dramatically.
Preferred by Customers
According to research, more than half of consumers would choose to pay with biometric cards if they were available. This may indicate that customers would prefer a bank that provided this service over one that relied solely upon on-chip and PIN or signature.