The fact that the payment industry is changing is not news to merchants. Over the last few years, mobile commerce has become an undeniable trend and many business owners are having internal debates about bringing in the technology to improve sales. What many companies might not know is how much the payment industry could be changing in the near future.
While paying with your smartphone is just starting to become a mainstream practice, a new innovation could already make it seem outdated. There have been multiple reports this week about the use of biometrics as the latest way to make a transaction.
An article in the Financial Express profiled a proposed move in India that would link fingerprints to bank accounts and credit cards as an additional form of authorization security. When customers swipe their card at an ATM or point of sales terminal, they would then be required to scan a fingerprint to verify that they are, in fact, the card owner.
While that seems like something out of a science fiction novel, it is not far from reality for one Finnish company. According to Mashable, Uniqul has patented and tested out a new payment system that completes transactions with facial recognition technology. All users need to do is step up to the cash register and smile into the camera. Once it recognizes you, the transaction is completed. The company told the news source that it uses a "military grade encryption" to protect consumer technology.
While it will be a long while before any biometric devices show up in the local mom and pop corner store, it does show that the payments industry is advancing at a breakneck speed and it may not be long before this solution makes its way to the United States. This is where partnering with a payment solutions provider comes in handy. As technology continues to evolve, it may be difficult to know what option will ultimately win out and become the standard for next-generation payments. A solutions provider and payments consultant will help companies prepare themselves, regardless of what solution wins.