The Biometric Revolution – We Are Changing the Future of Secure Payments
By: Pedro Ferreira
The Age of Passwords Nearing Retirement? Two major players in financial technology Mastercard, Weixin and arena are pioneering the next wave of payment security – biometrics.
Mastercard Vision: Password-free future
Mastercard is a global leader in payment solutions and has launched a new mission. Say goodbye to the inconvenience and security vulnerability that comes with passwords. Dennis Gamiello, Executive Vice President of Mastercard, has confirmed that 80% of data breaches are due to weak or weak passwords. Password theft highlights the need for a paradigm shift in cybersecurity authentication methods.
Mastercard’s strategy includes the adoption of biometric data and the use of artificial intelligence and smart devices is a powerful combination. By replacing passwords with unique biometric markers such as fingerprints, iris scans or facial recognition. Mastercard wants to make digital transactions safer and more convenient. Easy to use and seamless
You can also learn more about: Mastercard’s recently launched biometric authentication service, based on the latest Fast Identity Online (FIDO) standards, takes a big step towards this vision. The FIDO standard creates an encrypted passkey stored on the user’s device that can only be accessed with biometric verification. This is not only a way to increase security but also ensure a smooth user experience. You can use the app on all devices, from smartphones to laptops.
Mastercard’s initiative goes beyond payments and also includes everyday life. Logging into apps, creating new accounts, and adventuring are examples of activities that can be performed. Open Banking is the future of banking. FIDO to FIDO interoperability is key. Passkeys can be found in browsers and apps. Passwordless authentication. With over 4 billion smart devices considered FIDO, the scope of secure biometric applications is huge.
Weixin Palm Scan Payments: Innovation at its finest
Weixin’s Palm on the other hand is a great way to see the world. Scan Payments brings a unique touch to the biometric landscape. Weixin overcomes the challenges by leveraging the simplicity of the hand wave. Traditional payment methods come with risks such as forgetting your cards or the hassle of a dead phone battery
. Weixin, a Chinese company, will launch a system that uses touchless palms in China by May 2023. Technology that overcomes the complexity of recognizing people’s hands under various conditions. The process captures lines and veins in two steps. This innovative approach ensures extremely accurate measurement. This innovative approach to facial recognition is superior to facial recognition and offers benefits such as better differentiation and greater accessibility for people, including twins. There are many different body sizes, physical abilities and heights.
Weixin Palm Scan Payments puts security and privacy first. Tencent, which is behind Weixin, has made significant investments in end-to-end security. This is about compliance with the highest auditing standards. The user’s consent is required for this. The collection and use of biometric data is strictly limited. After permission. The user retains control and can deactivate it. You can use the biometric function.
The successful use of the system on the Airport Express Train Line in Beijing. Shenzhen University and 7-Eleven convenience stores in Guangdong Province. His versatility is a testament to his strength. Weixin technology goes beyond payments. Ripples in various sectors including transport, fitness, retail, hospitality, offices and campuses
The confluence of technologies: A secure and seamless future
These two industry giants are paving the way for biometric identification. The convergence of technology is obvious. Both Mastercard and Weixin recognize the need for easy-to-use, secure solutions that go beyond passwords. Biometrics not only offers greater security, but also a more personal experience. Naturally interacting with the digital universe is a great way to engage users.
The future of payments will be dominated by biometrics. Redefine the financial transaction landscape. The transition to seamless transactions. Secure authentication methods meet the growing expectations of consumers who want convenience, but protection against cyber threats is also a growing concern.
The financial services industry is at the forefront of this biometric revolution. The unique characteristics of each individual represent the beginning of an era of change. Fingerprints, palms or irises are the key to ushering in an era of security and seamless transactions. Biometrics is becoming increasingly important. The transition to a new standard is not just a trend, but a fundamental change. Payment authentication. Payment authentication could soon replace the days of password anxiety. The calming gesture of a hand or the look of an eye signals a bright and promising future. Safety and comfort are seamlessly integrated.
