Most prognosticators expect biometric payment cards to be one of the fundamental building blocks of the future economy. IDEX Biometrics is well positioned as a key player in that field, unveiling its latest payment card at APSCA Digital Commerce Asia Pacific in Kuala Lumpur.
Now, IDEX is trying to demystify its new technology with a blog series on Biometrics for Financial Inclusion. In his latest post, IDEX CEO Stan Swearingen explains that fingerprint-based biometric payment cards will catch on because they are both faster and more secure than current PIN-based banking options.
“The user needs to simply place their finger on the smart card and the sensor identifies them as the unique customer,” writes Swearingen. “This means, every time a customer wants to make transactions or shop, they don’t need to use a four-digit PIN which is highly susceptible to hacking.”
Biometric payment cards allow financial institutions to verify the identity of individuals, even in the absence of the other, more traditional forms of identification that many banks currently expect. That, in turn, will grant more people safe, secure access to banking services and reduce the number of steps needed for a typical transaction.
Swearingen also reports that IDEX’s pilot programs in Asia, Africa, and Europe have seen “high customer engagement,” adding that this will help to encourage greater enrollments and bring financial services within reach to more of the unbanked.
(Originally posted on FindBiometrics)