Biometric technology is set to grow exponentially. Increasingly, biometric payment methods are gaining more traction among younger generations. This article provides insight into the topic and tells you how a payments expert like BestPaymentProviders.com can help you with merchant processing services.
Biometric Payments & BestPaymentProviders.com
Biometric payments can be processed by approving a card payment via a fingerprint. Worldwide, Gen Z consumers show the greatest interest in these new payment methods. 69% are already using or interested in using biometric authentication for payment authorization.
Retailers and merchants need to consider offering a wider range of payment solutions to attract tech-savvy, digitally-driven consumers. Otherwise, they can’t expect growth in the future. According to the Generation Pay report, in the U.S., 15% are interested in putting microchip in hand: 22% (gen Z) 18% (gen Y) 21% (gen X) 5% (baby boomers), and 5% (beyond boomers).
Today’s consumers are looking for convenience when it comes to payment services, and this is especially true of the younger generations. These generations are more for using new and emerging technologies if it can bring them added convenience.
With all this being said, you should keep your finger on the pulse and offer the latest payment processing services to your customers so as to grow and retain your customer base. For this, it’s important to work with a reputable payments comparison specialist like BestPaymentProviders.com in the U.S. This is how you can access reliable, advanced and cheap merchant processing services to forge ahead with ease.
Global Biometrics Market
Today, biometric technology is entering the world of embedded microchips. According to the ABI Research, the global biometrics market expects revenues of $40 billion within the upcoming 5 years. Contactless transactions in the U.S. increased almost by 150% per month from March to November 2020.
What does this type of payment method offer to consumers?
- First of all, there’s no need to use endless passwords and PIN codes.
- A biometric credit card can operate with the existing payment terminals without any modification applied to POS or (point-of-sale) devices.
- Fingerprint authenticity accuracy is able to account for more than 99.99%, thus providing exceptional security.
- Additionally, consumers can enjoy speedy payment processing.
As you see, the number of consumers using and interested to use biometric payment methods is on the rise. So, you should work with a reliable and experienced payment processor to never stay behind.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of payment services, which you can get thanks to BestPaymentProviders.com. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.