Biometric Payment Essays

916 Words4 Pages
Paying with your fingerprint coming to a store near you. Buying groceries with a touch of a finger is already being marketed and used in many stores. Finger scanning will soon be ubiquitous, offering speed and convenience to consumers. It will help protect and prevent identity theft. Kids growing up now cannot imagine you needing a cord to use a telephone. Soon they will be saying, “You mean you had to carry around a piece of plastic or a piece of paper to buy something?” Right now about 500 stores are offering biometric payment and are projected to triple in 2006.
The Jetson Age
Identity theft has become a major concern for consumers these days and companies are trying to figure out a way to help their customers protect
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Negotiability is limited to acceptance only at location connected to the source of settlement information. Enrollment involves providing your identity by scanning at least two fingerprints and entering driver’s license and banking information. Some applications also require a unique PIN like a four digit number code or identifier code like a telephone number. This process takes about two to five minutes. To complete a typical transaction, the customer swipes a finger, enters a PIN and selects a payment source.
Why biometric payment In order to get consumers and merchants to use biometric payment there has to be benefits in using it. With identity theft and fraudulent activity increasing, biometric-based solutions can provide increased security and confidentiality of personal and financial data. This is more secure than PIN numbers, passwords, social security numbers and signatures. Biometrics can authenticate an individual trait that are difficult, if not impossible, to copy or forge. People misplace things. Credit cards, check books, wallets even cell phones can be misplaced, lost or stolen. Fingerprints are portable, reliable and they are always in your possession. It is also convenient, no need to carry your purse or wallet into a store. The speed of the transaction will be comparable to credit cards
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