Biometrics has been used extensively as a security technology for several years. Retailers now have the option of offering biometrics as a payment option at the checkout. The technology offers key benefits that outweigh the risks of adoption. Retailers should evaluate this technology now and prepare for a pilot implementation in the next 12 to 18 months.
How It Works
Payments made using biometrics are very much like debit card transactions. Consumers sign up for the service by providing a void check, identification, and fingerprints. The sign-up process is only required one time, and the information becomes available to any retailer enrolled in the program. Once the consumer has signed up for the service, all that is required for purchases at participating retailers is a 10-digit number (BioPay recommends a phone number) and a fingerprint scan.
No Cash? No Card? No Problem
The idea of customers swiping their index finger...