The biometric revolution: pay with your face
BLOG POST SEPT 1, 2023 | 7 MIN
SEPT 1, 2023 | 7 MIN
Contents
From fingerprints to unlock smartphones to facial recognition to processing payments, the usage of biometrics linked to artificial intelligence (AI) covers almost every aspect of our lives.
Thanks to its efficiency and versatility in recognizing the unique characteristics of each human being, biometric identification is one of the most accurate resources for identity validation and data protection, in addition to streamlining processes.
Some of the main examples of biometric authentication are:
- Fingerprint;
- Facial recognition
- Iris recognition
- Voice recognition
- Retinal Recognition
- Recognition by typing
The need for fast and safe services in the digital age
We know that in an age of instant messaging and transactions, there is no room for slow processes. Therefore, companies in all industries are aware of the need for speed when it comes to users and customers.
After all, how often have you given up on registering on a website or opted for another financial service due to a slow process?
Although bureaucracy is commonly related to security procedures, this has ceased to be the norm for some time now. And the growth of mobile banking reinforces the urgency for speed to retain users; Brazil alone carried out 50% of financial transactions via mobile phones in 2021.
But simply replacing long visits to the bank with time-consuming online procedures is not enough. By 2024, slow onboarding and manual processes could cost banking institutions up to US$22 billion if they don’t adapt to new technologies to optimize their processes, according to a Fenergo report.
How to ensure speed and security in financial services?
Almost everything we do today requires some form of ID authentication. But, until now, these were the main tools used for this:
- Login and password
- Credit/debit card
- QR Code
However, while credit card payments – which have made the use of physical money virtually obsolete – are considered quick and easy, it is even simpler to lose your card, fall for phishing scams or simply forget your password (which leads to even more bureaucracy).
And speaking of passwords, a 2021 study revealed that the average American loses access to 10 online accounts a month because of forgotten passwords. The worst thing is that two out of three surveyed avoid visiting these websites and accounts rather than recovering them.
Meanwhile, QR codes depend on smartphones, which can also get lost, stolen, or run out of service or battery.
Facial recognition: The key to security is on our faces
In recent years, biometric authentication has replaced old forms of identification, eliminating bureaucracy in data interpretation and significantly reducing the chances of errors and fraud.
This feature has proven so valuable that 85% of 1,500 global executives said they see biometrics as the top payment authentication method of this decade in a study by the Economist Intelligence Unit.
No wonder the Brazilian Federation of Banks (Febraban) recently adopted facial biometrics as a rule and announced that banks that are part of the organization would begin to apply it to all transactions carried out by their customers in Brazil.
The goal is to reduce the risk of scams and financial fraud, and this facial recognition trend, which has already become standard in China, is slowly reaching the rest of the world.
Pay with your face
A strong example of this movement is Mastercard, which intends to replace payments through cards, smartphones, and passwords with facial recognition worldwide.
The payments giant recently began testing biometric identification in brick-and-mortar stores at St. Marche supermarkets in Brazil. To pay, the consumer will only need to register their face and cards using an app, then carry out their facial identification at the cashier and choose the payment method.
“With the pandemic, everyone has gone digital, and consumers have embraced new technologies,” said Ajay Bhalla, president of Mastercard Cyber& Intelligence, in an interview. “In fact, consumers worldwide have asked us to do this for shopping, for their retail experiences.”
The challenge of biometric authentication
From multinationals to local fintech, players of all sizes and industries are investing in biometric technology to automate and optimize their processes, in addition to increasing security and offering an increasingly better experience for users.
With the digitalization of the financial market, LATAM has proven itself a hub of entrepreneurship, with a 112% growth in the number of fintech since 2018. Today, the sector in this region already represents 22.6% of the total 11 thousand fintechs in the world.
And with competition on the rise, those who grow are the ones innovating and distinguishing themselves from competitors. But creating your artificial intelligence and biometric recognition software is not an option for most companies.
MetaMap: The solution is one click away
Through biometric authentication, your business can transform registration, login, payments, and financial transactions, in addition to revolutionizing Know Your Customer (KYC) processes and access control for passengers, customers, and employees, for example.
That’s why we offer all identification solutions for companies in a single tool, using the most advanced artificial intelligence technology (AI). All of this is just a click away.
By using workflows – customizable verification flows –you only need to drag and drop the selected solutions to activate them and create a flow based on your business needs in minutes and without any code.
If you want to know more about our verification products, get a free trial now! and we will help you build the process you need to integrate all of your users into this new era.
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