Indian Bank Introduced Biometric for Payment Transfer

Aadhaar based app using biometric to overcome the issues that other platforms are facing such as need of plastic cards.

India: SBI & IDFC bank introduced first biometric facility for transferring payment through smartphones and featured phones in an aid to support cashless economy.

A biometric android payment app will be linked to country’s existing national identity e-card platform, Aadhar. The app will use fingerprint scanner to authenticate financial transaction and will remove the need to pay fees by directly going to the online bank. The Aadhar based app won’t require any usage of plastic card.

According to banks, people only need to have a bank account linked with their Aadhar ID. The lack of know-how and infrastructure, including insufficient electricity for the local cell phone tower lead to introduce this facility for the remote areas. The app will eliminate 2-5% fees that consumer pay for using service.        

TechSci Research depicts that adaptation of biometric for banking services and additional privilege services will pave way for biometric market in future as it provides security and protection of information from theft. The rising demand for Biometrics technology is also gaining traction in mobile devices and for online payment system where network infrastructure is still at large

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 US $ 24.8 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.