As business operates at an unprecedented pace, consumers are demanding quick, simple, and secure payment options. The future of payment authentication is here — and it’s centered around biometrics. Biometric payment companies are set to join established players in the credit card industry, revolutionizing the payment process. Biometric technology not only offers advanced security but also enables seamless, rapid transactions.
In today’s world, technologies like voice recognition and fingerprint sensors are often viewed as intrusions in the payment ecosystem. However, in the broader context of fintech’s evolution, fingerprint payments represent a significant advancement in payment processing.
Just 70 years ago, plastic credit and debit cards didn’t exist. The introduction of these cards drastically transformed retail shopping behaviors. The earliest credit card lacked a magnetic strip or EMV chip and captured information using carbon copy paper through embossed numbers.
In 1950, Frank McNamara, after repeatedly forgetting his wallet, introduced the first “modern” credit card—the Diners Club Card. McNamara paid off his balance monthly, and at that time, he was one of only three people with a credit card. Security wasn’t a major concern, as credit card fraud wasn’t prevalent. Today, according to the Consumer Financial Protection Bur
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