Seems like Apple’s iPhoneX, outfitted with FaceID is leading to the mainstreaming of facial recognition technology which will soon be available on Paytm app. Now, Paytm customers too would be able to pay with just a blink of an eye, recent news reports indicate. The digital payment landscape led by Paytm is planning to introduce facial recognition feature for unlocking the payment application, as reported by ET. This biometric based authentication would also be extended to merchant outlets as well. Facial recognition tech which is already available in iPhones would soon become the norm in Paytm app as well, Deepak Abbot, senior vice president at Paytm revealed to ET. According to Abbot, Paytm has begun testing the facial recognition tool inhouse and this technology will soon be made available to users who can unlock the app with the face tech.
Interestingly, Noida based digital payments app has started testing the technology on Google’s Android platform and this will be rolled out through an update. Biometric technology will make payments more secure and robust and leading financial institutions like MasterCard have made public their plans about providing biometric authentication to users in 2019. According to MasterCard, biometric authentication can improve security and reduce digital checkout times and will also reduce burden of using card readers.
Meanwhile, MasterCard’s research that was conducted in conjunction with Oxford University revealed a large majority of users preferred consumers prefer biometric security compared to passwords when making transactions. Other advanced banks like the HSBC and First Direct.