Traditionally biometrics has been used for identification in government and law enforcement agencies. Biometrics is considered highly efficient and reliable due to the uniqueness this technology possesses. We can witness a simultaneous increase in both remittance and biometric industry and simultaneously their integration into one single technology has been phenomenal especially with the development of biometrics within smart cards and mobile devices that provide a more secure and convenient method of transferring monetary resources unlike orthodox means of PIN verification. There have been various forms of cross over’s between the remittance market and biometric industry. Some of the forms are fingerprint scanning, retina scanning, and facial recognition among the many with fingerprint scanning currently leading the market segment. Many companies are also investing in the voice recognition technology that could further expand the scope of this industry. Remittance Industry Analysis suggests that global biometric mobile remittance transfers shall hit 1 trillion transactions by 2022 and grow to roughly USD 51.6 Billion in revenue terms with approximately 5.5 Billion devices in use.
The impact can be witnessed in the benefits that biometric technology offers in remittance market. Biometric transaction makes the payment more secure since no two people have the same fingerprint, voice or facial features. This feature of enhanced security can motivate people to use digital remittance transfer rather than physical transfer of money. Apart from security, the customers look for convenience associated with a particular transfer mode. In biometric technology there is no need to remember complex passwords or PINs, users require tapping their finger, smiling at the camera or saying a few words that automatically authorize the payment. Biometric technology in remittance industry also saves on time and money. Remittance Market Research Reports reveals that the biometric technology is easy to use, difficult to forge and cost effective since it reduces password administration costs or increases ROI in areas like fraud prevention or time and attendance. There are various factors driving the growth of this industry. Massive capital behind FinTechs is causing innovation in areas especially authentication and security. Increasing demand by customers for newer better payment modes like mobiles, wearable’s, contactless devices has cultivated the need for integration of biometrics with these devices to make the process much more efficient.
ICICI bank, one of India’s largest private banks has launched voice based international remittance on its Money2India application. The bank has been able to integrate Apple’s voice assistance Siri with its payment mechanism allowing users to authenticate payments via voice recognition. Mobilis Networks Limited (New Zealand) had launched finger print authentication for international money transfer via mobile phones. Azimo is an online remittance transfer
Setup based in London which features biometric verification and in app chatbots to allow quick and easy transfer of money.
There are numerous companies working in this domain combining the growth potential of both biometric and remittance industry. Digital biometric remittances can help people everywhere make their lives easier by allowing them to do what they want with their money, more securely, efficiently and affordably. The growth of overall industry will only increase with even governments pushing payment mechanism to digital modes with special emphasis on biometrics in order to improve both convenience and accountability.
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Ankur Gupta, Head Marketing & Communications