Nets, a Nordic payment provider is exploring the possibility of trialing 'Fingopay' a biometric payment method that utilizes a finger-vein reading system to eliminate credit cards and pin numbers while enhancing personal security.
An infrared light scans users' prints, creating a '3D map' of the veins in the user's finger. Customers can then register their unique vein pattern as a preferred payment method, essentially linking their bank account to their finger tips. At cash points, customers will scan their finger -- if the vein pattern from the device matches the registered vein pattern, the sale is authenticated.
This biometric payment method would offer users a more secure alternative to easily compromised credit cards while also providing an efficient and potentially line-eliminating system.
Key Themes Behind This Trend
- Biometric Payment Authentication
- Fingopay's finger-vein reading system could replace traditional payment methods and eliminate the need for passwords or pins.
- Enhanced Personal Security
- Finger-vein reading technology offers enhanced security measures that could disrupt the security industry.
- Increased Payment Efficiency
- Biometric payment methods could streamline the payment process and disrupt the payment processing industry.
Where This Applies
- Payment Processing
- Fingopay's biometric payment method could disrupt the payment processing industry by replacing traditional payment methods.
- Security
- Finger-vein reading technology could disrupt the security industry by introducing new authentication methods.
- Retail
- Biometric payment authentication could improve the retail customer experience by providing a more efficient and secure payment option.
