8 Benefits of Biometric Payment Cards you need to know
By Anthony Eaton, VP, Systems Engineering
Biometric technology is already a huge success in the mobile phone market where the majority of smartphones today are equipped with this fail safe system. Many consumers are now adopting biometric recognition systems in preference to the traditional PIN (Personal Identification Number), maximizing both convenience and security. Biometric technology is now gaining momentum in the payment cards industry in the form of advanced on-card fingerprint sensing systems. So how will consumers benefit from these biometric-enabled payment cards? Let’s find out.
1. Highly secure:
Standard four-digit PINs are often considered insecure, whereas biometric fingerprint technology is widely recognized as being highly secure. The embedded enterprise-level biometric algorithms are able to exceed 99.99 per cent authentication accuracy.
2. Simple-to-use:
The cardholder just needs to touch the built-in fingerprint sensor while presenting the card to the payment terminal. Once there is a successful biometric match, the payment is authorized without needing to enter a PIN.
3. Simple-to-set-up:
Biometric-enabled payment cards are also easy to set-up –this can be done from your own home and there is no need to visit a bank. Yes, it’s that simple!
4. Win-win situation:
Both consumers and businesses will reap their share of benefits with contactless biometric payment cards. The banks can further curb payment card fraud and instill trust amongst customers while retail businesses can experience a boost in sales as customers will make more frequent transactions and spend less time making payments.
5. Time-saving:
Entering a PIN can take a while but biometric authorization is aseamless and near-instant process. Biometric identification not only expedites the transaction but also guarantees peace of mind that the consumer is looking for every time they use their payment card.
6. Private and uniquely personal:
The biometric authentication process is uniquely personal and exclusive to the user. It’s almost impossible to simulate a person’s unique fingerprint. Privacy is protected too by ensuring the user’s biometric credentials never leave the card.
7. Robust and environmentally friendly:
The biometric payment cards are just as thin, small and bendable as traditional cards. Since the biometric system consumes very low power, no battery is needed for the card to work.
8. More convenient transactions:
Users can make secure, convenient payments anywhere in the world. Adoption will encourage higher value contactless purchases at retail stores leading to increased profitability for brick and mortar businesses.
Leading fingerprint sensor technology provider, IDEX Biometrics has developed the world’s first touch sensor for ISO ID-1 form factor cards made from a thin, flexible polymer that is specifically designed for smart and ID card applications. The solution integrates a secure on-card matcher and is commercially deployable for use with existing payment point of sale (POS) terminals. Their cards will work with existing contact and contactless terminals and are ready for cost-effective mass-market production. Find out more.
