Credit card payments have come a long way; from chip & pin to contactless taps, card payments are being revolutionised everyday. However, another form of payment has come to the forefront of business payment solutions.
Currently, fingerprint technology is worth an estimated $2billion a year in Japan, and is growing rapidly due to it’s convenience for both the consumer and the business.
What is fingerprint technology and how does it work?
Fingerprint tech is revolutionising the way consumers pay for their goods. It begins with the consumer purchasing a credit card that has their fingerprint stored within the details. After that, they simply pay for their goods by placing their finger on a fingerprint scanner at the checkout. And as simple as that, they get to walk away with their goods in hand.
What are the benefits of fingerprint technology?
If contactless cards worried consumers, then fingerprint payment is the ideal solution. For example, if the consumer forgets their card or loses it before paying, they simply need to scan their fingerprint and walk out of the store. Not only will this save them time, but also means your business does not lose profit it otherwise might have. As well as the additional monetary benefit, workplace efficiency is almost doubled due to the quick nature of the payment.
Fingerless payments are looking to replace or become an alternative to Apple Pay; a market that is also growing rapidly due to it’s convenient nature. It also has the added benefit of total security. There may even come a time when the consumer will no longer need to carry card or cash – simply their fingerprint. Although there might be limitations (for example not being able to use multiple fingerprints for different bank accounts) the security of the process simply cannot be denied for both the consumer and the business.
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