Biometrics Meets Merchant Services
Have you ever forgot your password to your payment card or an online website? I know many of us have, especially with the overwhelming systems that require different password combinations. Well there will be no need to worry much longer because the future of biometrics is here!! If you aren’t sure what this means, just imagine password authentication with parts of your body. Fingerprint scanning, facial recognition, palm prints and even iris recognition!
Biometrics can be described as the technical term for body measurements, calculations and characteristics. Biometric technology has increasingly become prevalent in mobile technology over the past several years and many companies in the banking and payment processing world recognize that there will soon be a demand for this convenience. In fact, many companies are already beginning to make use of biometric technology like fingerprint scanning and facial recognition. According to Juniper Research, there will be 770 million biometric authentication apps downloaded annually by 2019. With this technology comes not only convenience but an exciting new form of security and identity verification.
What does this mean for you as a merchant? Well it is said that the measurable benefits will include but are not limited to transaction security, simplified transactions, less time and more money saved. While there are some challenges that remain with implementing this technology such as false positives or false negatives, the impact this technology will have on payments will shape the future for payment processing. Biometrics will keep consumer data safe without having to inconvenience the consumer, and also allow for the consumer to simplify the transaction process on their end.
Biometric technology will continue to grow and as it will, AMP Payment Systems will continue to stay up to date on the latest biometrics alternatives to payment processing. If you are interested in learning how AMP Payment Systems can help protect your business, please feel free to contact us directly.