In the latest and concluding entry to its blog series on Biometrics for Financial Inclusion, IDEX Biometrics explained how biometric authentication will make it easier for people around the world to gain access to secure financial services. That can be particularly valuable to those with literacy issues, many of whom lack the traditional credentials that many banks currently expect.
According to IDEX, a system that incorporates biometric payment cards and fingerprint recognition sensors would be cheaper and easier to maintain than PIN-based options. It would also be safer, because the owner of an account would need to be present in order to make a transaction. That offers potential benefits to consumers and banks alike, who could gain access to better financial facilities and more clients, respectively.
“Biometric companies are already working alongside card manufacturers and financial institutions, paving the way for biometrics to have a real impact on financial inclusion over the next two years,” said IDEX CEO Stan Swearingen. “Providing almost a third of the world’s population with greater financial inclusion is a significant challenge that will not be accomplished overnight, but these advances in biometric technologies are set to make a real difference.”
Though trials are already underway in many parts of the world, IDEX cautions that the transition to biometric payment cards will be gradual as governments slowly embrace the technology. IDEX, of course, has long been at the forefront of the biometric card industry. The company showcased its solutions at last month’s APSCA Digital Commerce event in Malaysia, and recently made inroads in China through its partnerships with the Goldpac Group and Excelsecu.
February 11, 2019 – by Eric Weiss