The technology of biometrics is playing effective role as this technology is considered highly effective and efficient because of the unique process. Moreover, in the recent trend the financial institutions across the globe is adopting this technology for authenticate customers accessing their facilities more effectively and significantly. As the cases of financial crime and frauds is increasing day by day and this technology in banking and financial services facilitate numerous offers to the solution by identifying the customers through their fingerprint scanning or retina scanning as these two things never be same or matched with another person. According to the report analysis, ’Remittance Market Research Reports’ states that numerous forms such as retina scanning, fingerprint scanning, facial expression and several others of this technology totally transform this industry and could further enlarge the nature of this market whereas, the form of fingerprint scanning is presently leading the industry. Moreover, many of the key players of this technology are also investing in the voice recognition that could turned up the market of remittance across the globe.
In the ancient era, the technology of biometrics has been used for law enforcement agencies and identification in government. In addition, the Biometrics payment is a point of sale technology that employ biometric verification to identify the customers and authorize the deduction of funds from a bank account. Moreover, in the present era with the more development and opportunities the researchers has observed a simultaneous increase in both biometrics and remittance industry and concurrently their combination into one solitary technology has been extraordinary especially with the advancement of biometrics within smart devices and smart cards that serve a more assured and efficient method of transferring monetary measures. According to the report analysis, ‘Market Research Reports For Remittance’ states that in United States, the biometrics payment has gained popularity more significantly as their number of foreign workers are increasing by the time and it is observed that millions of customers had enrolled in their biometric services and that Pay By Touch had identified approximately USD 8.0 billion in transactions as this technology include so many application such as speedy transaction, enhanced security for the end user, less expensive as compared to standard debit or charge card fees and several others. Moreover, in this technology there is no need to recollect or remember complex PINs or password, users require smiling at the camera, tapping their finger or saying few words which automatically identify the settlement.
In New Zealand, the Mobilis Networks Limited had introduced finger print identification for the cross border payments through smart phones moreover, in India the ICICI bank has also inaugurated voice based cross border payments on its Money2India employment. Moreover, in London Azimo is an online cross border payment setup which attributes biometric identification with the chat bots application which enable easy and quick transfer of money. Furthermore, there are various key players which are working effectively and accomplish the growth mobility of both remittance and biometrics industry. Therefore, in the coming year it is expected that the remittance industry will grow more significantly with the effective usage of biometrics authentication in the financial institutions over the decades.
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Ankur Gupta, Head Marketing & Communications