Imagine a world where contact was the norm. To settle a purchase whether, by cash or payment card, a person has to come in contact or at the very least get into each other’s personal space at the cash counter. Now interject the word “social distancing” into the world. Suddenly your cash and your payment cards have taken on an ominous avatar. On an average, depending on the denomination, a currency bill circulates among people for 8 – 15 years. The number of hands the bill that has passed through is unimaginable. Then there are the POS machines and the ATM terminals, where the risk of infection is the highest. And so, this is when the change of guard happens. An era belonging to the contactless biometric card is been ushered into a world where social distancing has become the new norm.
And the world adjusts, albeit, uneasily into the newly changed etiquettes of society. Contactless payments are changing the landscape of commodity purchases by becoming the numero uno in payments & deliveries. Due to the fast-spreading character of Covid-19 just by contact on surfaces, it has created an interest in contactless biometric payment solutions. Even though the banks are increasing the cap on contactless payment cards, there is a section of skeptics. They fear they might fall prey to the fraudsters who will be out to take advantage of the higher payment ceiling. But these fears can be allayed by adding a contactless biometric security feature to the card. This will be in the form of the user’s fingerprint. The user’s fingerprint acts as the PIN and the payment goes through after the identity is authenticated and verified – at a distance. Fast, Secure & Convenient.
Future is contactless biometric
Biometric payment solutions have made vast strides in fraud detection and prevention. Fast forward to a world rid of Covid-19. Contactless biometric card is going to be the premier medium of payment solution. So, the question is – Will we look at the paper currency the same way again?
Bio-idz – Your Biometrics, Your ID.