Biometrics and the future of payment transactions

Biometric technology is fast becoming a part of daily life for many people around the world. Thanks to the integration with mobile devices, many of us are interacting with some form of biometric authentication daily.

According to a 2017 survey by Visa, two thirds (65%) of consumers reported that they are at least familiar with biometrics. With this big uptake in familiarity and use, it’s perhaps no surprise to see a rise in the number of transactions that are now authenticated using biometric technology.

Consumers are starting to see a number of benefits of using biometrics as a form of authentication. The obvious one, which is what the majority of people use on mobile devices, is the elimination of the need to remember a password or PIN to access your device. This, however, also rings true for payment authentication. Being able to authorise your Google Pay or Apple Pay using biometric authentication (fingerprint or facial recognition) means that the payment process is often much quicker when shopping online.

Sthaler worked with music festival industry to develop a cashless, card-free payment system that was available to everyone. The company developed Fingopay, using VeinID technology, in partnership with Hitachi. Blue Star Capital PLC (LON:BLU) is an investing company with a focus on new technologies. Blue Star’s investments include a 0.9% holding in Sthaler.

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