Traditionally
biometrics has been used for identification in government and law enforcement
agencies. Biometrics is considered highly efficient and reliable due to the
uniqueness this technology possesses. We can witness a simultaneous increase in
both remittance and biometric industry and simultaneously their integration
into one single technology has been phenomenal especially with the development
of biometrics within smart cards and mobile devices that provide a more secure
and convenient method of transferring monetary resources unlike orthodox means
of PIN verification. There have been various forms of cross over’s between the
remittance market and biometric industry. Some of the forms are fingerprint
scanning, retina scanning, and facial recognition among the many with
fingerprint scanning currently leading the market segment. Many companies are
also investing in the voice recognition technology that could further expand
the scope of this industry. Remittance
Industry Analysis suggests that global biometric mobile remittance
transfers shall hit 1 trillion transactions by 2022 and grow to roughly USD
51.6 Billion in revenue terms with approximately 5.5 Billion devices in use.
The
impact can be witnessed in the benefits that biometric technology offers in
remittance market. Biometric transaction makes the payment more secure since no
two people have the same fingerprint, voice or facial features. This feature of
enhanced security can motivate people to use digital remittance transfer rather
than physical transfer of money. Apart from security, the customers look for
convenience associated with a particular transfer mode. In biometric technology
there is no need to remember complex passwords or PINs, users require tapping
their finger, smiling at the camera or saying a few words that automatically
authorize the payment. Biometric technology in remittance industry also saves on
time and money. Remittance
Market Research Reports reveals that the biometric technology is easy
to use, difficult to forge and cost effective since it reduces password
administration costs or increases ROI in areas like fraud prevention or time
and attendance. There are various
factors driving the growth of this industry. Massive capital behind FinTechs is
causing innovation in areas especially authentication and security. Increasing
demand by customers for newer better payment modes like mobiles, wearable’s,
contactless devices has cultivated the need for integration of biometrics with
these devices to make the process much more efficient.
ICICI
bank, one of India’s largest private banks has launched voice based
international remittance on its Money2India application. The bank has been able
to integrate Apple’s voice assistance Siri with its payment mechanism allowing
users to authenticate payments via voice recognition. Mobilis Networks Limited
(New Zealand) had launched finger print authentication for international money
transfer via mobile phones. Azimo is an online remittance transfer
Setup
based in London which features biometric verification and in app chatbots to
allow quick and easy transfer of money.
There
are numerous companies working in this domain combining the growth potential of
both biometric and remittance industry. Digital biometric remittances can help
people everywhere make their lives easier by allowing them to do what they want
with their money, more securely, efficiently and affordably. The growth of
overall industry will only increase with even governments pushing payment
mechanism to digital modes with special emphasis on biometrics in order to
improve both convenience and accountability.
For more information, click on the
link below:
Contact Us:
Ken
Research
Ankur
Gupta, Head Marketing & Communications
0124-4230204
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