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Toronto Based Bioconnect Collaborated with Eyeverify for Biometric Payment

Canada: Toronto based Bioconnect partnered with one of the leaders in mobile biometric technologies, Eyeverify, to provide secure and frictionless user experience for authentication in the financial sector.

Biometric have surfaced as a clear front-running solution to help reduce fraud, manage KYC and thereby increasing operational efficiency for financial service provider. The technology would be using the eye vein pattern to secure the financial transaction through smartphones.

Eyeprint ID, from Eyeverify, uses existing 1+ MP smartphone camera to capture the unique pattern of eye veins and other micro features in and around the eye. It is the only biometric technology with a high entropy encryption key – equivalent to 50-character complex password. The Eyeverify provides highest standard of mobile-friendly security, which are built perfect for the financial service industry

TechSci Research depicts that the rising demand for Biometrics Eyeprint ID technology would play an important role in secure & authenticated financial transaction. Eyeprint ID technology is the most accurate & eye vein pattern recognition has shown itself to be exceptionally versatile & best suited for financial industry where authentication is of utmost priority

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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