Soon We'll Be Paying For Everything With Just A Fingerprint

‘Biometrics are crucial’

Soon We'll Be Paying For Everything With Just A Fingerprint Image: Pixabay

Fingerprint scanning is predicted to be the next big thing in payment methods, in a move set to also crackdown on online credit card fraud.

Visa Asia Pacific Head of Risk Joe Cunningham predicts "biometric" payments will be commonplace within a year, overtaking the popularity of making payment with a smart phone.

"Five years ago, the idea that entering a PIN could become a rare experience would have been almost unbelievable," he told the Sydney Morning Herald.

"Yet how we pay is changing fundamentally and security needs to move at the same speed. Biometrics are a crucial part of the future.

“Some devices that use these new standards have just entered the market and we expect it to become commonplace within the next year.”

Currently, Visa purchases under $100 don’t require a PIN number, and can be made either by tapping a card or phone on a payment terminal.

In addition to developing biometric payment technology, Visa is reportedly also upgrading the systems they use to catch fraudulent online transactions, which has doubled since 2011 to a whopping $417.6 million last year, and also accounted for 78 per cent of total online credit card fraud.

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