South Africans to Begin Biometric Authentication of Card Payment
South Africa: The Payment
Association of South Africa (PASA) has unveiled a new way to authenticate
the payments process with the inclusion of biometrics process on payment cards to
provide more secure, reliable & safe payment transaction across various
banks & financial institutions in South Africa.
PASA
is currently engaged in working with MasterCard and Visa to bring in biometric
solutions for card payments including iris, voice, facial, palm and fingerprint
biometrics. MasterCard & Visa have designed biometric forms which are
accepted by biometric reader, and further the payment transaction is done in
encrypted form & then validated as well. This integration would also help MasterCard
and Visa to interoperate and connect with various companies operating with
diverse rules & technologies.
TechSci
Research depicts that the rising demand for biometrics technology in card payments
such as smart cards, credit cards, etc. for authenticity would drive the market
for biometric globally. Further, with growth in demand for biometric technology
as an alternative way of authenticating & validating credit cards, access
control, etc.it is posed to witness an upsurge in coming years.
According
to the recent report published by TechSci
Research, “Global
Biometrics Market By Type (Fingerprint Recognition,
Facial Recognition, Hand/Palm Recognition, Iris Scanner, Voice Recognition,
Vein Scanner & Others), By End Use Sector, By Region, Competition Forecast
and Opportunities, 2011 – 2021”
the global biometrics market is projected to cross USD24.8 billion by 2021.
Fingerprint recognition biometric systems are the most preferred type of
biometric systems used across the globe, owing to their ease of use, low cost,
high speed and accurate results. However, in terms of growth, vein scanner
biometrics systems segment is anticipated to outpace fingerprint recognition
biometrics systems over the next five years.