Biometric Payment Essay -- essays research papers

AbstractPaying with your fingerprint coming to a store near you. Buying groceries with a couple of a finger is already being marketed and used in umpteen stores. Finger s chamberpotning will soon be ubiquitous, offering renovate and convenience to consumers. It will help protect and prevent identity theft. Kids outgrowth up now cannot imagine you needing a cord to use a telephone. Soon they will be saying, You mean you had to autory around a piece of charge plate or a piece of paper to barter for approximatelything? Right now about 500 stores are offering biometric retribution and are projected to triple in 2006. The Jetson AgeIdentity theft has become a major concern for consumers these days and companies are laborious to figure out a way to help their customers protect themselves against it. For some time, biometric authentication seemed to be a technology in search of a quality application. Now these two problems are coming together. The idea of linking pers onalized characteristics to a database of settlement sources is beginning to be adopted in market stores and retail outlets across the country.What is biometrics? Biometrics refers to the use of an automatic dodge to verify personal identity through physiological and behavioral characteristics. Biometric payment technology allows the consumer to pay with a touch of a finger on a fingerprint scanner. The fingerprint template is usually linked to a router and transmission media necessary to clear the motion through an automated clearinghouse. many an(prenominal) of the biometric payment transaction providers are focusing on grocery, home advancement and convenience stores, others have show interest in fast food, car washes and vending operations. Biometric payment providers require compl... ...ier. Biometric payment will reduce player and identity theft, speedup checkout and most importantly lower transaction processing fees retailers, improving their b ottom line. A 20% reduction in processing costs over the next several years can show a 4% increase in earnings per share. This is devising the big-box discounters like Wal-Mart and Costco look at this technology closer. ReferencesBoyle, Matthew. (2006). Let your fingers do the paying. Retrieved folk 4, 2006, from www.furtune.com.McCarthy, Ellen. (2005) Cash, Charge or Fingerprint. Retrieved September 4, 2006, from www.washingtonpost.com.Wade, Will (2003) Fingerprint Payment Systems exit Live at U.S. Retailers. Retrieved September 4, 2006, from www.americanbanker.com.Wong, Grace (2005) Cash or plastic? How about fingerprint?. Retrieved September 4, 2006, from www.cnnmoney.com.