PIN verification will soon become a thing of the past. Thanks to advances in fingerprint biometric technology, the reality of being able to authenticate a payment with a simple touch of the finger is set to explode across the globe. Whilst some countries remain conservative in terms of adopting this technology
It’s no secret that life as we once knew it has been transformed using technology with responsiveness playing a key role in keeping pace with digital transformation while prioritising security. For example, the introduction of biometric identification in the consumer ecosystem has been successfully accepted as ensuring superior security rapidly.
A ‘Card-Not-Present’ transaction is when a payment is made without a cardholder physically presenting their card to the merchant. Historically these sorts of payments have been used effectively for mail and telephone orders, but now they are used more typically to complete online orders, such as e-commerce and m-commerce (In App).
Mobile payments hit the mass market in 2014 with the introduction of Apple Pay and was hailed as the next revolution in payments. Partnerships with major payment providers such as American Express, MasterCard and Visa meant that the innovation was anticipated to make a major impact on consumers straight from launch.
Personal identification numbers (PINs) are everywhere. These numeric versions of the password have been at the heart of data security for decades, but time moves on and it is becoming evident that the PIN is no longer fit for purpose.