Biometric Payments System is a point of sale (POS) technology that uses biometric authentication to identify the user and authorize the deduction of funds from a bank account. Fingerprint payment, based on finger scanning, is the most common biometric payment method. By simply touching a sensor pad, consumers can authorize a payment and fully verify their identity.
Biometrics technology is rapidly progressing and offers attractive opportunities for card transactions. Integration in credit, debit and identification cards enables cashless consumer transactions and instant identification at banks, healthcare providers and in the workplace.
Biometric payments are enjoying rapid acceptance by consumers who value their unparalleled ease of use. Moreover, Biometric payments offer high-speed processing services and ultra-high standards in terms of reliability, security and privacy protection ensure fast and secure treatment of personal data.
With Biometrics, Businesses will gain the competitive advantage of being able to instantly identify key clients from a single touch. And because biometrics simultaneously identifies and authenticates the user, it is perfectly suited to regulate a wide range of value-added services including loyalty programmes.
Biometric Payments will be the future of e-commerce. While online identification and verification processes are facing frauds and undesirable incidents, biometric payment technology offers best solution. With the help of this technology, you can ensure that transactions on purchase of any product online are made in a reliable manner. Thus, no scope is left for criminal-minded people to create loopholes in e-commerce security.
With biometric payment there are fewer possibilities for stealing the PIN codes of card holders and more secure web services. Biometric authentication guarantees a maximum of privacy together with the safe storage of personal information, because the user’s biometric data is kept confidential between the smart card and biometric sensors. With biometric authentication via fingerprint, users no longer need to worry about losing or forgetting their PIN codes. They are free to choose between biometric payment and payment per password or signature authentication. In addition, the customer is able to save time since fingerprint authentication is much faster than that based on PIN codes.
Advantages of Biometric Payments Technology
- First and foremost, the biometric payment technology offers top-notch security provisions, which are hard to tamper.
- Accelerated rate of transactions is assured by biometric system employed at online stores to facilitate maximum number of shoppers every day.
- Cost of security employment is very less and thus, you can easily invest in this modern technology.
- Hassle free procedures are followed, which are easy to understand even by the novice online shoppers.