The Future of Passwordless Online Payments
Faster, simpler, user-friendlier – that’s the future of authentication. People have on average 25 different accounts and use approximately 5 different passwords. If one-third of online purchases are abandoned due to forgotten passwords, what would that mean to your bottom line? The payments are finally on their way to becoming passwordless.
Biometric Data for Your Payments
Biometrics are biological measurements suited for unique identification. With biometric data, you will no longer lose your sales because customers forgot their passwords. Instead, your customers will use some of their biometrical data such as:
- Face identification
- Eye pupils’ recognition
- Fingerprints scanning
- Voice recognition
- Heart-Rate Sensors
The growing trend of payment authentication also grew thanks to mobile wallets such as Apple Pay and Google Pay which enable customers to use their fingerprints or face to complete their online purchases.
“Because physical features such as fingerprints or pupils are so difficult to falsify, biometric authentication offers opportunities for extraordinary security solutions.”
Multi-factor Authentication
Biometrics can put to rest all the multi-factor authentication worries. PINs or passwords can be guessed, and devices or payment cards can be stolen. Instead of a digital wallet, the customers will be able to confirm their identities with a biometric scanner which will be a great way to detect fraudsters.
Better Authorization Rates
Biometric authentication is used to protect sensitive documents and valuables. Some banks already use voice recognition and test new devices that monitor heartbeat to verify the users’ identity. According to Apple, the chance of mistaken identity with biometrics is one in a million. Users will get a seamless and consistent customer experience and the businesses will have better authorization rates and lower false declines.
Future of Online Payments
The future of authentication will be multi-factored and biometric-based. Businesses start producing the hardware and software to make this happen. In TrustPay, we are really looking forward to the futuristic biometrical authentication as we keep adapting to new trends in the fast-changing payment industry.
Follow TrustPay on LinkedIn and search for a lot of useful online payment content prepared for fintech enthusiasts.
