Digitization is encouraging cashless modes of payment. Whether you use your mobile device or a tapping machine at the store counter, good biometrics are key in making transactions safe. As of now, biometric smart cards seem to have a valuable role in the future payment technology.

Biometric Payment Growth

According to a report by Google Intelligence, by 2023 there will be over 2.6 billion users opting for biometric payments all around the world. This is a clear sign that biometrics are soon going to become mainstream as e-commerce and online transactions are blooming.

Some factors driving the growth of biometric payment include:

  • Rules and regulations laid down by the industry and governments.
  • The standardization of technology across various sectors and platforms.
  • Necessity in checking and reducing instances of online fraud.
  • Smooth authentication process and protocol regardless of the paying channel.

Biometric Fraud Protection

Biometrics supports authentication on different types of payment channels. As a result, it has become the go-to technology for protection against fraud and hacks.

At present, over 575 million people use biometrics to keep their online transactions and payments secure. By the end of 2023, research shows this number will expand to include a total of 1.2 billion users.

The reason biometrics has become so popular is due to its large-scale acceptance. Biometric smart cards are not new. But they became highly desirable when features like secure authentication and convenience were implemented.

Biometric Technology Advancement

Now it is very easy to store biometric data like face angle and fingerprints. The ability of biometrics system to correctly identify the data is also remarkable. In addition to this, biometrics technology is very affordable with most smartphones having an in-built biometrics system.

With a few photographs taken from the phone, biometrics can record the user’s face and use it for face recognition. This takes a few minutes. Even fingerprint scans are very accurate. In fact, biometric scans unlock a phone faster than typing a pin, password or drawing a screen-lock pattern.

As the years go by, the biometric technology will continue to become faster and more secure. Its ability to record physical data of the user will also become more precise.

Thank you for your interest in Bahaa Abdul Hadi blogs. For more information, please visit www.bahaaabdulhadi.com.