Biometric Payment Card Systems set to Boom
May 8, 2018
Biometric payment card systems could be the future of payments. They make the process securer, faster and more convenient. And with the end of the requirement for signatures for card payments in America last month, the signs are growing that the big players are ready to embrace biometric payment cards.
The end of signatures
America kept the practice of card signatures a lot longer than Europe and was much slower to adopt Chip and Pin payments. But Visa, Mastercard, American Express and Discover last month all somewhat eliminated the requirements for signatures.
American Express has done away with the requirement entirely, while Visa lifted the requirement for when Chip and Pin is in place. It’s not just the payment card companies that see the benefit of dropping a cumbersome and outdated system, but retailers too. Walmart Vice President Mike Cook said:
“Having to sign a receipt can be a hassle for customers and is not necessary to prevent fraud at the point of sale.”
Biometric payment card systems being explored
With the signature requirement now gone, the likelihood for the greater adoption of biometric payment card systems is higher than ever. Already this year we have seen an appetite from Mastercard and Visa to adopt such solutions, integrating a biometric system directly on to the payment card itself. Both have been running trials and making positive sounds about the tech.
Head of global solutions for Visa, Jack Forestell said:
“The world is quickly moving toward a future that will be free of passwords, as consumers realize how biometric technologies can make their lives easier.”
And President of Mastercard U.K. and Ireland said:
“Biometric technologies perfectly meet the public’s expectation for state-of-the-art security when making a payment.”
Biometric payment card systems and more
Biometric payment card systems will make the payment process in the retail environment no less convenient than contactless payments are now but help increase the security. At the moment, we still operate with £30 limits here in the UK, just in case someone else gets a hold of your card. If a biometric element could be added, that worry could be eliminated along with the limit.
Biometrics have the ability to make payments more secure and more convenient. Here at BioStore we already provide cashless systems that allow users to pay for food using a biometric and those same benefits can be applied elsewhere in the office. Employees can use the same biometric to gain access to the workplace, logon to systems and action print jobs.
Most people use biometrics for their smartphones, and we could all be using them for payments in the future, why not use them now to make your workplace an incredibly easy and convenient environment.