Biometric payments are a wave of the future that’s already here in many ways. But what challenges stand in the way of greater use of biometrics in the payment industry? And will we soon all be using fingerprint security and other forms of biometric authentication when we pay?
If you’re developing or seeking a secure payment gateway for your company, biometrics is something you can’t afford to overlook.
Advances are being made every day in the name of convenience and better meeting customer preferences. In many cases, however, security and fraud prevention means less convenience. But biometric authentication could be easier for consumers.
Defining Biometrics
Biometric technology is a way of authenticating that allows consumers to use an aspect of their personal physical identity as evidence that they are who they claim to be. Biometric authentication refers to security processes that verify a user’s identity through biological traits such as fingerprints or retinal scans. Other options may be available in the future. Fingerprint security is one of the methods that really work.
Since biometric payments involve a crucial extra layer of security based on the uniqueness of the human body, it’s almost impossible to fake. Biometric authentication can also eliminate the need for passwords, PINs, and other codes that consumers may forget or enter incorrectly and can sometimes even make it unnecessary to have a card-present at the time of the transaction.
The Future Of Biometric Payments
You can be sure of this: The increased use of biometrics will bring significant changes to the payment industry. Research shows that as many as two-thirds of consumers would like to use technology that allows them to confirm their identity with fingerprint security or with their voice, iris, or face. That means customer acceptance probably isn’t a big concern with biometrics.
As many as two-thirds of transactions made over secure payment gateway platforms may be secured with biometrics by 2020, according to some research – but most companies aren’t yet ready. Preparedness is a very real concern.
There are also other concerns, including the possibility of biometric data. There may be legal and ethical implications of submitting and storing physical data too. These will resolve over time.
If you want to work with a payment platform that is in the modern age and ready for whatever comes next – including biometrics – you want to work with United Thinkers and get to know the UniPay platform.
Contact us now to learn what we can do for you. We have options, and services that are right for many different companies and we look forward to working with you.