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 are 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, increased security and fraud prevention mean less convenience. But biometric authentication could actually 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 can be based on fingerprints, retinal scans or even selfies. Other options may be available in the future. Fingerprint security is one method that has been proven to work.
Since biometric payments involve an important 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 Biometrics
You can be sure of this: The increased use of biometrics will bring big 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 being stolen since it can’t be reissued. 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’s designed 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, products and services that are right for many different companies and situations, and we look forward to working with you.