PAYMENTS

Financial institutions and payment card providers continue to combat payment card fraud. However, an increase in payment card transactions and a decline in the use of cash makes this a challenge. Biometric enabled payment cards enable banks to authenticate payments, reduce fraud and increase consumer trust. Retailers and users benefit from faster transaction times, increased transaction limits and secure contactless payments. Users also benefit from a simple and quick remote-enrolment process to register their fingerprint and no longer need to remember their highly vulnerable PIN.

Beyond the ability to authenticate a payment is the need to provide banking services and make them accessible to the unbanked. Significant inhibitors have presented challenging market conditions, driven by rural locations, the lack of officially recognized identity documents, high levels of illiteracy, and the lack of historical credit records. The ability to leverage a biometric card to help prove that a person is who they say they are will aid banks and financial institutions in bringing much needed services to unbanked populations.

Key Takeaways:

  • Secure contactless payments and increased spending limits
  • No need to remember a Personal Identification Number (PIN)
  • Provide financial services to those previously unbanked.