The digital payment market is touching the new sky every day and all thanks to the adoption and proliferation of smartphones and internet usage. Digital wallet is one of the top digital payment trends popular among people because of its convenience, ease of use, and secure way to store the consumer’s information.
A decade back, have you ever thought that there will be some payment solution that makes you forget to carry your wallet and that too in a highly secure way! Let’s discuss how biometric authentication is securing your digital wallet in this blog.
Digital wallets have changed the landscape of payment methods. Consumers of digital wallets are rising every day because transaction with the phone without entering the card details, again and again, is the most convenient way to pay. But convenience is not only the factor that is booming the digital wallet payments, it’s security that leads to high transaction rates. Biometric authentications are introduc in mobile wallets solutions to make the transaction more secure.
What is biometric authentication?
Biometric authentication can be define as the security measures that help to identify individuals using unique identification. These security measures could be:
Facial recognition
Fingerprint scans
Voice recognition
Iris/Retina recognition
According to the Paysafe report, consumers with age group 18-24 uses 69% of biometric authentication methods while shopping online, followed by the age group 25-39 with 61%.
Biometric authentication is securing digital wallets and eliminating the need of entering passwords and PINs every time your customers transact. Biometric technologies provide better security and improve your customer experience.
The Future of Biometric-led Digital Wallets
Are you scared of falling into the trap of fraudster while making a transaction? Not required in the case of the biometric-led digital wallet. Digital wallets usage has been rising tremendously and for peace of mind and customer satisfaction use of biometric authentication is a must.
Your customers believe in biometric technology much faster and more reliable way than the use of passwords systems. The digital fintech software solution provides ease, seamless and frictionless transactions, and secure payment experiences to their users. Biometric technologies can address these by mitigating the fraud risks and eliminating the need of remembering passwords and PINs.
Consumers are using biometric cards as they are easier to use, faster, and more secure. Among all global consumers who use biometric authentication methods, 70% would like to use fingerprint biometric technology. Contactless payments are rising with the advent of the COVID19 pandemic, and hence digital money transfer solutions integrated with biometric security are enthusiastically demanded.
Benefits of using biometrics in digital wallets for users:
The following are the benefits of biometric authentication for your users when integrated with your digital wallet software:
They feel more secure when they enroll or register themselves with your digital wallet.
It increases their security stored with individual’s identity.
Need not enter the passwords and PINs every time they go for an online purchase.
Keeps the fraudulent away.
Saves your users from fake apps and fake transactions.
Instant shopping and money transfer with just one tap through their smartphones.
Benefits of using biometrics in digital wallets for merchants:
As a business owner, a digital wallet has unparallel advantages when integrated with your business. The following are a few benefits for you of using biometric technology in the digital wallet:
Helps in the smooth onboarding process that attracts more customers.
With fingerprint scan, facial recognition, etc. your customers can quickly verify themselves and you can start your service right away.
Customers will choose your wallet when integrated with biometrics over the traditional methods of entering passwords and PINs.
No additional support or hardware is being requir during transaction processing.
Your digital wallet can provide you with greater certainty with the cardholder’s identity.
Increase your revenue as it is most popular among consumers.
The rise in sales as there are fewer declined transactions due to forgotten passwords and PINs.
As you are now aware of the benefits of both your end-user and your business using biometrics in a digital wallet, let’s peek into the various methods involved in biometric authentication.
Methods of Biometric authentications
Biometric technology is securing your digital wallet in a more innovative and advanced way. Digital wallet app development companies should consider the following methods of biometric authentications so that your wallet is fully proof secure and safe for your users as well as for you. These methods are:
Fingerprint Scanning
Fingerprints are unique identifiers specific to individuals and hence this authentication method is the most popular among all. The fingerprint scanner records the imprints of your finger and converts them into unique digital code with an authentication sensor. This unique identification method is becoming quite familiar and easily available to integrate into your wallet solution.
Voice recognition
Voice is also a biometric feature inherent to each person. this recognition is convenient for your users as it requires putting the minimum effort into this method. it is one of the natural ways of communication and interaction and a unique feature that is hard to falsify. It uses the speaker’s throat and voice pitch for the formation of particular sound quality and encodes it to authenticate it.
Facial recognition
The facial recognition method is a type of identification of a person from a digital image or video by comparing and analyzing the nodal points on a human face. This method is also known as faceprints. This method is already being used by many smartphone applications to authenticate their users and is hence quite popular and easy to integrate into your digital wallet solutions.
Eye Scanners
The eye scanner methods can be perform in two ways, either by scanning the iris or by the retina. In the retina scanning method, a bright light is projected onto the retina which forms a visible blood vessels pattern that is further being read by the scanner, and the pattern is save. This pattern is use for the authentication process. Similarly, iris scanning is being perform where the unique pattern in the colored ring is present around the eye pupil. This method is quite accurate and is widely used in security processes.
The future is bright for biometric payment systems and is increasingly accustomed to digital wallet software. Digital wallet services are widely offering these options to their consumers.
Wrapping Up
Biometric technology is enhancing the security and safety of digital payment systems. Everyone wants to take extra cushions while performing online transactions. To ensure the eradication of fraudulent activities in your digital wallet software you have to take the help of the methods we have discussed above.
Digital wallets have immense potential to push your business revenue and sale. Biometric authentications in your wallet help to enhance your customer experience and act as an anti-fraud tool for your application. Biometrics in digital wallets also helps you to attain modern levels of innovations that promote the safety features and security of your wallet.
