Biometric Payment Essays - 916 Words

Abstract Paying with your fingerprint coming to a store near you. Buying groceries with a touch of a finger is already being marketed and used in many stores. Finger scanning will soon be ubiquitous, offering speed and convenience to consumers. It will help protect and prevent identity theft. Kids growing up now cannot imagine you needing a cord to use a telephone. Soon they will be saying, â€Å"You mean you had to carry around a piece of plastic or a piece of paper to buy something?† Right now about 500 stores are offering biometric payment and are projected to triple in 2006. The Jetson Age Identity theft has become a major concern for consumers these days and companies are trying to figure out a way to help their customers protect†¦show more content†¦Negotiability is limited to acceptance only at location connected to the source of settlement information. Enrollment involves providing your identity by scanning at least two fingerprints and entering driver’s license and banking information. Some applications also require a unique PIN like a four digit number code or identifier code like a telephone number. This process takes about two to five minutes. To complete a typical transaction, the customer swipes a finger, enters a PIN and selects a payment source. Why biometric payment In order to get consumers and merchants to use biometric payment there has to be benefits in using it. With identity theft and fraudulent activity increasing, biometric-based solutions can provide increased security and confidentiality of personal and financial data. This is more secure than PIN numbers, passwords, social security numbers and signatures. Biometrics can authenticate an individual trait that are difficult, if not impossible, to copy or forge. People misplace things. Credit cards, check books, wallets even cell phones can be misplaced, lost or stolen. Fingerprints are portable, reliable and they are always in your possession. It is also convenient, no need to carry your purse or wallet into a store. The speed of the transaction will be comparable to credit cardsShow MoreRelatedApplication Of Identification For Biometrics1930 Words   |  8 Pages In order for biometrics to work, there must be a database of information containing substantial information on each individual. By nature, biometric systems collect more information than just the users fingerprints, retinal patterns or other biometric data. An individual who uses a fingerprint contact system allows government agencies and local law enforcement access to their every move. Most systems will record the whereabouts of an individual at the time of scan. Organizations will have theRead MoreEvolution Of Employee Management Systems1301 Words   |  6 Pagesaction. Therefore, time and attendance is one of the preliminary components included in the construction of an employee management system. Every business requires a payroll department to focus on the business’ financial situation and to process the payment of staff. Employees expect that payroll reflect their professionalism by controlling their salary and paying them on the correct pay date. Because of this, it is ideal for a payroll system to be integrated into an employee management system. FinancialRead MoreBiometric Codes And Biometric Identification1637 Words   |  7 Pages Biometric Encryption Krishna Kumar D1304(11302033) Rajesh Kumar Thakur Meena Kumari Chandan Pathania Lovely Professional University, Punjab Introduction: A biometric is defined as a unique, measurable, biological characteristic or trait which is used to identify individuals. Most widely used biometric characteristics to identify individuals include Face, Fingerprint, Hand geometry, Retina, Iris, Voice etc. Biometric identification consists of two stages: †¢ Enrollment:Read MoreNew Technologies in Banking4440 Words   |  18 PagesINTRODUCTION 4 MOBILE PAYMENTS 5 1. Premium SMS based transactional payments 6 2. Direct Mobile Billing 6 3. Mobile web payments (WAP) 6 4. Contactless  NFC (Near Field Communication) 7 5. M-payments vs. Current payment methods 7 FINGERPRINT 8 1. Recognition Process 8 2. Fingerprints in banks 8 2.1 Benefits 9 2.2 Problem 9 IRIS SCAN 10 1. Description 10 2. Why or why not use Iris can 10 3. Implementation for Banks 12 CONCLUSION 13 APPENDIX 14 EXECUTIVE SUMMARY Payments are transfers of wealthRead More The world of Biometric Security Essay examples1824 Words   |  8 PagesThe world of Biometric Security Biometrics is methods of recognizing a person based on a physiological or behavioral characteristic. Some of the features measured in biometrics identification that I will include in this paper are: fingerprints, retina, face, signature, and voice scans. Biometric technologies are quickly becoming the foundation for a large array of highly secure identification and personal verification techniques. As the level of security and transaction fraud increases, theRead MoreEvents Attendance Monitoring System Using Biometrics and Sms7274 Words   |  30 Pagesunreliable monitoring of student’s attendance the researcher were able to come up with a solution to solve the problems the development of Event Monitoring System Using Biometric with SMS. 1.2 Statement of the Problem 1.2.1 How to design, develop and implement system called â€Å"Events Attendance Monitoring System Using Biometrics and SMS (Short Messaging System)†. 1.2.2 How to evaluate the users perception on the following: 1.2.2.1 System Quality 1.2.2.2 Information Quality 1.2.2.3 UsefullnessRead MoreCash Dispenser With Finger Sensor1793 Words   |  8 Pagesto get the money. This finger sensor cash dispenser is an attempt to help the villages in getting the money and aid with biometrics and can help in less fraud and better services. The concept on creating a Government/NGO AID Money dispenser for developing countries where most of the people are illiterate and still don’t have access to modern Banking system. For them only biometric is to be required to access machine rather than using a card. CHARACTERISTICS OF USERS The rural market offers a vast untappedRead MoreComputerized Identification System4622 Words   |  19 Pagesage, and color of hair and eyes, and often containing a photograph: for use as identification at a place of employment, school, club, etc. There are various types of identification systems available and implemented across the globe. These are Biometric (finger, hand or iris recognition), Voice Identification, Optical Character Recognition (OCR), Radio-Frequency Identification, and Bar code. Each has its own capabilities but nevertheless, effective for identification purposes. The bar-coded identificationRead MoreTechnology Is Evolving As We Speak1338 Words   |  6 Pageswere released. Apple Pay is the new technology that is slowly taking over the mobile payment market. Instead of surfing the web on your smart phone and typing in all of your credit card information, Apple Pay swiftly allows you to take a picture of your credit cars and purchase the product you want. Apple Pay is also available through apps such as â€Å"Uber.† Apple Pay is considered to be the most secure online payment option for consumers. The reason behind keeping your information so secure is becauseRead MoreElectronic Payment : A Long Time Since We Adopted Electronic Payments1269 Words   |  6 PagesIt has been a long time since we adopted electronic payments. Currently the most common form of an electronic payment is the use of EMV (Europay, MasterCard, VISA) cards with a magnetic stripe. These include credit cards, debit cards, prepaid cards, and now smart cards. In the se processes the card or card number is swiped or entered into the merchant’s computer through a terminal. The terminal transmits data to the acquirer (a bank, for example), and then the acquirer transmits data through a