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South Africans to Begin Biometric Authentication of Card Payment

South Africa: The Payment Association of South Africa (PASA) has unveiled a new way to authenticate the payments process with the inclusion of biometrics process on payment cards to provide more secure, reliable & safe payment transaction across various banks & financial institutions in South Africa.

PASA is currently engaged in working with MasterCard and Visa to bring in biometric solutions for card payments including iris, voice, facial, palm and fingerprint biometrics. MasterCard & Visa have designed biometric forms which are accepted by biometric reader, and further the payment transaction is done in encrypted form & then validated as well. This integration would also help MasterCard and Visa to interoperate and connect with various companies operating with diverse rules & technologies.

TechSci Research depicts that the rising demand for biometrics technology in card payments such as smart cards, credit cards, etc. for authenticity would drive the market for biometric globally. Further, with growth in demand for biometric technology as an alternative way of authenticating & validating credit cards, access control, is posed to witness an upsurge in coming years.

According to the recent report published by TechSci Research, “Global Biometrics Market By Type (Fingerprint Recognition, Facial Recognition, Hand/Palm Recognition, Iris Scanner, Voice Recognition, Vein Scanner & Others), By End Use Sector, By Region, Competition Forecast and Opportunities, 2011 – 2021” the global biometrics market is projected to cross USD24.8 billion by 2021. Fingerprint recognition biometric systems are the most preferred type of biometric systems used across the globe, owing to their ease of use, low cost, high speed and accurate results. However, in terms of growth, vein scanner biometrics systems segment is anticipated to outpace fingerprint recognition biometrics systems over the next five years.

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