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In the ever-evolving payments industry, advancements made in the name of added convenience and consumer preferences typically call for new and improved security measures.<\/em><\/strong>\u00a0 Unfortunately, the enhancements in cyber security and fraud prevention typically mean less convenience for consumers making payments and the businesses accepting them.\u00a0 Now, there\u2019s an authentication technology that\u2019s transforming the way payments are processed and improving security at the same time.\u00a0 Biometrics are changing the game.<\/p>\n <\/p>\n What is biometric technology?<\/strong><\/p>\n Biometric authentication allows consumers to use some aspect of their physical identity to authenticate their payment.\u00a0 So far, fintech professionals have developed equipment and software that would allow consumers to authenticate their payments with fingerprints, retina scans, or even a selfie!<\/p>\n How could it help?<\/strong><\/p>\n Biometrics could add a very valuable layer of security to the payments we make every day.\u00a0 By using the completely unique identifiers of the human body, authentication is much harder to fake.\u00a0 Other great benefits of this technology include the elimination of need for pins and passwords that can be easily forgotten and a much faster authentication process. This new technology even eliminates the need for an actual card or to be present or physically used.<\/p>\n What is the outlook for biometrics?<\/strong><\/p>\n A 2016 report listed biometrics as the most disruptive technology in digital commerce.\u00a0 Many companies are still working to develop more ways for consumers to validate their identity with the use of fingerprints, voices, irises, and faces.\u00a0 Because 62% of consumers have already stated that they would feel more secure using their fingerprint versus a password, the payments industry is wasting no time in finding the right way to make biometrics mainstream.\u00a0 According to \u201cAcuity Market Intelligence, mobile biometrics is projected to secure 65% of all mobile commerce transactions by 2020, generating $34.6 billion in annual revenue.\u201d<\/a><\/p>\n