The primary security systems: biometrics, fingerprints, voice or facial recognition, etc., have become modern innovations. Going cashless is trending, on the other hand. These have increased the convenience during this entire pandemic life.
Today, these remain the epoch-making factors in everyone’s life. COVID-19 has increased the usage of biometric payments. Amidst pandemic, physical cash or swiping cards are seen as less likely to work. To sum it up, these are redefining the digital payments realm.
People began to appreciate voice recognition instead of using the keyboard to locate something. On the other hand, face recognition certainly gained popularity. The accuracy of the biometric security systems, speedy and secure digital transactions drew the world’s attention.
Instead of PIN or password, or traditional banking, they remained as the instant alternatives. No matter what, the world was quickly able to adapt to the new normal. We never estimated the capabilities of this digital express. Large-scale companies are already investing in the global digital economy, witnessing the high probability and potentiality of the digital ecosystem.
“Mobile biometrics to authenticate $2 Trillion of global sales by 2023, drive-by over 2,500% growth. While remote payments to account for 57% of all biometric transactions by 2023,” a report by Juniper reveals!
Following the COVID-19 preventive measures, physical contact with cash transactions is mostly facing a decline. Government and the public are well-versed with the hygiene idea now.
There is this high security and convenience that comes with a cashless society. Tremendous advances in digital payment systems like QR-code-based fund transactions, seamless cross–border payments, and cost-effective processing fees were reliving. Ultimately, most businesses or places don’t even expect to receive cash in physical form anymore.
In contrast, the shift to digital payments is highly sensitive as there are both pros and cons. Due to the mask during the pandemic or moisturizer on fingertips, we might miss out on the accuracy part while making digital transactions. Although it’s harder to steal someone’s money through digital media, these technical issues with biometrics will still cause difficulties in the advancements.
The world would also need adequate security systems that offer great efficiency and feasibility with cashless societies. This will improve the usage too.
A report by Juniper revealed, “600 million mobile devices would be equipped with biometric authentication by 2021, while Mercator forecasts that 66% of smartphone users will use biometric authentication by 2024 (15% increase from 2020).”
Technological innovations will be appreciated as the digital switch goes on, both offline on small, low-power devices, tech giants, and other financial institutions. However, the digital or financial movement requires high security that could possess two or more authenticators such as a password or a PIN, device or a payment card, voice, face or fingerprints, etc.
Sooner, there will be a fintech revolution to enhance digital payments and financial services.