Biometrics in Payment Systems: Trends and Outlook

While we like to think of the U.S. as a trendsetter, American payment systems are lagging compared to the rest of the world when it comes to improved payment security. Biometrics might seem like a novelty, but as security issues continue to plague banks and retailers, biometrics in Payment Systems are poised to become the new normal. Therefore, it is important to keep tabs on what’s happening around the world, as the trends that rise to the top will find their way to the States sooner, rather than later.

Fingerprints: The Unique Identifier Consumers Can’t Forget

Fingerprint identification is currently the most popular biometric security feature. Payment solution provider Ingenicooffers biometric POS terminals to customers to authenticate a purchase with a fingerprint, adding an extra layer of security to every transaction. They have launched the technology in India, where all card transactions will soon be required to include fingerprint authentication.

Singapore-based mPOS Company Touché  takes fingerprint authorization one step further. Their technology allows customers to tap a POS terminal with their finger, identifying their connected card, and processing payment – no physical card required. Customers’ fingerprints are hashed and encrypted, card information is tokenized, and encryption keys are changed with each use to ensure security.

Paying With Your Blood Pressure

Samsung’s facial recognition technology was eclipsed by Apple’s launch of Face ID on the iPhone X, but the company is now attempting to take biometrics to a whole new level – blood pressure. The company recently applied for a patent to develop authentication methods using a person’s blood pressure. According to the patent application, Samsung claims that arterial conduction paths of individuals are almost always unique, and using a blood pressure identifier as an added layer of security after facial ID or fingerprints will bring new meaning to two-factor identification for mobile wallets. It is speculated that if Samsung does roll out the technology, they will likely test it overseas before bringing it to the U.S.

U.S. Payment Systems Advancements

U.S. card companies and banks are starting to adopt new biometric security features slowly but surely. For U.S. customers, the technology can seem intimidating and even inconvenient. For example, customers historically have had to go to a bank or other physical location to scan their fingerprints in order to use the technology. But Mastercard is developing tech that would allow cardholders to scan their fingerprints themselves, removing a key barrier to adoption.

It might be difficult to convince retailers to adopt biometric POS terminals after so many just invested in chip technology; however, as consumers demand better protections and technology spreads across the globe, it won’t be long before biometrics are run of the mill.

Is Your Payment Systems Company Looking for Leaders?

Leveraging growth opportunities by staying ahead of trends is critical for success. If your Payments company is looking for talented professionals who can help you maximize the endless opportunity in biometrics, contact the expert recruiters at MoneyTech Search today.

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