Biometric- Future of Payments & Customer Experience

#News(Security) [ via IoTGroup ]

Headings…
Biometrics – Payments and Enhanced Customer Experience
Passwords and Pin codes are well-intentioned and practiced authentication t
Core Drivers Surrounding Biometrics
Increased Usability and Improved Customer Experience
Reducing Fraud and Fraudulent Chargebacks
Biometrics Adoption on the Rise
James Efron
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However, it is believed that these problems are going to become a thing of the past in upcoming years as the trend of mobile and online payment is increasing, which is leading towards the adoption of biometric verification for transactions since passwords are no more reliable.
Biometric verification is the latest method of verification that primarily focuses on usability, security, and improved customer experience, making it an essential feature for organizations to embrace.
Unlike the traditional authentication methods, the users don’t have to remember the myriads of passwords and pins to prove their identity.
It makes the authentication process sleek, secure, and seamless, increasing customer usability and enhancing the user experience.
Biometrics verification is now a more secure method of user authentication as there is no burden on users for remembering the subtleties of the authentication process.
With the help of biometric verification, the entire checkout process becomes more secure and streamlined and less complex, which leads to a significant reduction of abandoned transactions when users don’t remember their passwords.
However, the implementation of biometrics, especially facial verification, doesn’t only allow the authentic and authorized user to access portal, but it also restricts the consumers to verify their identity first before initiating transactions.
Practicing biometric verification helps the platforms in restraining the users from making false chargebacks and fraudulent transactions from someone else’s cards/accounts.
As the trend of online payment is increasing, many applications and organizations have started to opt for biometrics solutions for the security of their payments and businesses.
Businesses are readily embracing this new technology not just to secure their transactions but also to provide more straightforward authentication methods to their consumers, improving their customer experience

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