The world has seen rapid growth in technology development. Miracles that we used to watch in Hollywood science fiction movies are coming true. The advanced biometric system that is used to secure treasure in movies is now included and accessible through our smartphones. Technology is becoming reality for businesses and industries to protect their finances and prevent risk.
The revolution of technology and artificial intelligence has shaped our modern digital world. Each aspect of our life is changing and adapting to modern technology to keep themself compatible in the market. The traditional methods of opening or accessing accounts, making transactions, and verifying individuals are outdated. To Increased Businesses Customers These losses survive in the market, a business must adapt to modern, improved, and secure technology.
The Rise of Mobile Payment
The expansion of technology has allowed individuals to perform their tasks online. Businesses have moved online and so it results in the rise of online transactions. Many individuals use smartphones as a medium to purchase and to make online transactions. The trend of mobile payment is getting popular because of its convenience and efficiency.
The research has shown that mobile payment recorded almost 750 billion US dollars in the year 2020. The trend of online transactions will grow in the future because of the increase in digitalization.
The traditional method of making transactions and accessing bank accounts required a user ID and password. The method, however, did not work as secure because of poor customer behavior. Users are unfamiliar with the risk and set an easy password for online amounts. The passwords are too easy and plain for hackers. People have a habit of setting the same password for every amount which will make every amount at risk. The most common password in the world is the word “password” itself. Some reports have shown that “123456” is also a common password used by individuals. Reports have shown that more than 60% of people use a similar password for every account. This practice-led hackers to hack every single account if they can access one.
However, modern technology comes with modern solutions. The new online transaction solution uses KYT verification and biometric authentication. With the help of biometric technology, these problems will become a thing of the past. Biometric technology will eliminate any risk of security concerns and make online transactions secure.
Biometric Authentication For Online Payment
Businesses are expanding into new markets with the help of the internet. The digitalization of the business sector is bringing a huge sum of money into their pocket and a huge contribution to the global economy. All these online payments need to be secure which is why the use of biometric authentication is rising.
Many businesses are required to perform KYC verification to verify customers’ identities. Many online retailers are using biometric authentication through facial scanning. Developers are now including fae verification in online transaction applications.
Biometric authentication is not just limited to fingerprint scanners but the technology has evolved a long way. Biometrics now include facial recognition, voice pitch recognition, and rental scanning. It even has the capacity of scanning emotion through AI technology.
The benefit of Online Payment
Mobile and online payment are trending because of their speed and convenience to customers. Customers can easily pay for things online without the need of visiting a bank and withdrawing cash. The cashless society is in the making thanks to online payment.
Biometric authentication is helping businesses in making a cashless society. Technology has vast advantages and it has evolved fastly according to the rapid growth of technology. It has made an online payment more secure as it allows businesses to understand if the transaction is made by the owner of the account. Banks have also verified transactions through biometric authentication.
Biometric authentication has made an online payment more secure than the previous traditional used methods. It is a fast and convenient task. Customers can easily log in without typing their lengthy passwords. Biometrics has cleared the hassle of customers remembering their passwords. New research has shown that 60% of people think that biometric is easy and more secure.
Improving a customer experience is beneficial for businesses because after all, that is what businesses want. Businesses want their customers to gain better experience from them so they do not move to alternative ways of receiving services.
Reduction In Fraudulent Activities
The increase of technology has resulted in an increase in online business but it has also given opportunities to fraudsters. The traditional method of verification was not secure enough to protect the account. Advanced biometric authentication has reduced this threat as accounts do not get in the hands of fraudsters.
Fraud and scam report trillion of losses in the global economy. Face verification at the time of payment can protect businesses and customers from these losses. Hence by biometric authentication, businesses can perform transaction verification and prevent fraud.