Remember that nasty feeling of embarrassment and irritation when you discover that you have left your wallet or purse at home, standing at a cash register with a full cart? Pretty soon this feeling might become a survival of times past. Your fingers will become a payment tool.
Indivos Corp. that develops computer hardware, software, computer programs and services, has been developing an electronic payment system that allows making money transactions through scanning a customer’s fingerprints, for the last 6 years. The system is already being tested by a select group of retailers.
Biometric systems that involve fingerprint identification, facial recognition and retina scans technologies are actively being implemented in the business and retail industry. The credit card market, of course, does not stand apart from the thing. SmartMetric Inc., for instance, is one of the companies that develop biometric security systems. It works on the design of a perfectly safe from fraud credit card. Biometric payment systems are expected to make the check-out process faster, easier and safer.
Every retailer is focused on attracting more customers, enlarging their sales volume and maximizing their profits thus. Under today’s keen completion in the retail industry, it is pretty hard to entice a new customer, as well as keep the old ones loyal. Offering special terms, services or perks – this is the way to win a customer’s attention. Speed, security and convenience that biometric payment systems offer are just the case.
Processing a transaction with the help of a token-less register takes even less time than it takes to swipe a credit card. The concept of such a payment system is really fantastic. Just imagine, you won’t have to take even a wallet with you when you go shopping. You can make purchases naked. You will not need anything but your fingers, eyes and face. You can go to a local grocery store even having left your rewards credit card at home and you will still save on groceries.
Though the security issue of biometric payment system is still challenged, this method of processing transactions is safer than using a regular plastic. Credit card scammers got so sophisticated in their fraudulent activities that nearly no credit card security system is safe enough to guarantee a cardholder 100% fraud protection. As for token-less payment system, your individual biometric features will protect you from identity theft and other criminal practices performed by crooks.
All required identification and credit information will be stored at a special computer database. And until someone has an access to this sort of information, there is a chance that someone can hack it.
Indivos Corp. is negotiating partnership with Visa and American Express. So, pretty soon credit consumers might enter the new age of payments processing.
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