Science & Technology

Technological Innovations! Payment Through Facial Recognition And Fingerprint

News World India | 0
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| September 20 , 2017 , 20:31 IST

Despite Modi government's push for digital India, payments and electronic money have been largely limited to a few applications like Paytm and government launched BHIM (Bharat Interface for Money).

However, some Indian start-ups have been taking this interface to another level with their innovative ideas, more accessible and easy to use the banking system.

Some of them have even made themselves stand outside the box. Here, let's take a look at some of them:

 

Blink-n-Pay

With the ever-evolving technology, Mastercard is working with mobile banking platforms to launch an all-new way to make payments, by selfies.

As the new facial recognition system hits the market, mobile banking platforms have also geared up their game to adopt the latest technology. The new transaction method will use facial recognition through front cameras to identify the account before making payments.

However, not much information has been revealed about this new system.

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Digi-Payment Sans internet

While everyone is going after the smarphone users pushing the latest technology, there is also a large base still using feature phones.

A start-up ToneTag, based in Bengaluru has claimed that they have developed a port-like box which will enable feature phone users to make payments through their phones.

Among other payment applications, Google has just rolled out their digital payment app Tez while there are also applications like Samsung Pay and Bharat QR in the market.

Biometric Debit Cards

Working with banks, MasterCard is planning to enable biometric scanning with debit and credit cards to make Point of Sale (POS) payments more secure.

Under this, one would have to register their fingerprint with their cards so they don't have to enter their ATM pin in public, risking misuse. Instead, the person would simply scan their fingerprint for every transaction to go through.

However, since there are not many EMV chip-based technology ATMs in India, you may still have to use the ATM pin for cash withdrawal.

While test runs are on, the company is also in talks with various lenders to get their new product in the market. People will have to register at their banks to get the new cards.