The biometric world is evolving at a rate of knots and new applications around the world adopting this technology for myriad security & financial purposes are rapidly accruing. Governments and corporates around the world are showing progressive confidence in various biometric technologies and are strategically replacing traditional identification systems with these more secure biometric solutions. According to various reports, global revenues for biometric industry which were around $ 10 billion in 2014 are expected to get doubled by 2018 to $ 20 billion. The relevance & efficacy of biometric systems thus cannot be overemphasized.
Biometric recognition is based on physical & behavioral traits that can be used to uniquely identify a person. For example, fingerprint scanners make use of distinctive patterns present in fingers known as minutiae points which are formed at ridge ending and ridge bifurcation. These minutiae points are unique to an individual and thus could easily be used to accurately identify a person for safety and workforce management tasks. Other biometric technologies though not as developed as fingerprint scanning, also help clients to achieve the security & management goals.
Data collated from various national & international surveys have shown that biometric identification solutions find a larger audience in emerging economies especially in Latin America & Asia. Recently, Venezuelan Government stated that they will deploy around 20,000 fingerprint scanners in various supermarkets around the country under their ongoing rationing system program. Countries like Brazil, India, and Poland are using biometric ATMs for some time now. Using fingerprint identification instead of PIN not only enhances security but it also proves to be quite useful for those people who could not remember PIN or passwords (like seniors).
As e-commerce gradually shifts to m-commerce, the need to make hand-held devices more secure for business transactions becomes imperative. Rather than making applications password protected, more developers are integrating biometric APIs into their financial applications. Apple with its Touch ID and PayPal with its fingerprint based authentication system allow their customers to make payments for various services. In fact, Microsoft has announced to include a biometric suite in its much awaited Windows 10 OS through Windows Hello and Windows Passport platforms. All these developments happening in the field of biometrics are making online financial transactions much safer and simpler for the end-users.