Toronto Based Bioconnect Collaborated with Eyeverify for Biometric Payment
Canada: Toronto based Bioconnect partnered with
one of the leaders in mobile biometric technologies, Eyeverify, to provide
secure and frictionless user experience for authentication in the financial
sector.
Biometric have surfaced as a clear
front-running solution to help reduce fraud, manage KYC and thereby increasing
operational efficiency for financial service provider. The technology would be
using the eye vein pattern to secure the financial transaction through
smartphones.
Eyeprint ID, from Eyeverify, uses
existing 1+ MP smartphone camera to capture the unique pattern of eye veins and
other micro features in and around the eye. It is the only biometric technology
with a high entropy encryption key – equivalent to 50-character complex
password. The Eyeverify provides highest standard of mobile-friendly security,
which are built perfect for the financial service industry
TechSci Research depicts that the rising
demand for Biometrics Eyeprint ID technology would play an important role in secure
& authenticated financial transaction. Eyeprint ID technology is the most
accurate & eye vein pattern recognition has shown itself to be
exceptionally versatile & best suited for financial industry where
authentication is of utmost priority
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.