Continuing with the special about invisible payments, it is especially important to mention the following: biometric payments, or facial or fingerprint operations.

50 years ago, a piece of cardboard with numbers on it revolutionized the way people pay. Although cash is still used today, there is talk of digital transactions to save time and cost.

Thus, the future of digital payments is being announced with solutions designed to be “simple, convenient and secure”. Daniel Aguilar, Vice President of Business Development for Veritran Latin America.

“The digitization of payments is called invisible payments. The possibility of transacting using the face called biometric payments, which promises to be the next global trend,” the expert said. However, What are you talking about? Next, it will be explained what biometric payments are and why they will come. digital banking as in the use Applications.

What are biometric payments and how do they work?

Users today demand more and more simple and natural buying patterns, such as typing a voice command or typing a voice command. show your face in front of the screen mobile phone.

for him, biometric payments provide more security and improve user experience, because they quickly verify transactions using unique features analyzed by technology without compromising the identity of the customer.

biometrics allows Compares the physical and behavioral characteristics of the individual, and digital banking and serves to verify the correctness of a transaction with very simple actions. use your fingerprint or look at the camera.

“Face biometrics does not record a photo of your face. Record specific points of the face to later do a face mapping and compare 3D to 3D. It depends on each country’s policies before technology can identify who you really are. In Mexico, for example, regulation has a text read to confirm that the person who will take an action is who he says he is. Likewise, typical methods are used that put a dot on the user, start looking at him, and that’s it. There are many variations depending on each country,” he told Infobae.

Benefits of using biometric payments

1. Convenience

Biometric payment technology allows consumers to identify themselves quickly, easily and simply. With a biometric card with a fingerprint reader, the person only needs to be physically present for the purchase, no other information is required.

2. Safer

The use of biometric payment facilities provides customers and banks with greater security, thanks to the uniqueness of each individual’s biometric characteristics.

Before confirming the payment, the card compares the fingerprint that the user presents to the scanner with the reference data securely stored on the card.

If the card is lost or stolen, cannot be removed or usedeven for low value contactless payments.

3. Reduce administrative work

Banks incur significant administrative costs when using traditional identification methods. Authenticating a customer is expensive, whether it’s to issue a PIN, create a card reader at home, or authenticate a new customer.

However, financial services organizations using biometric banking they will be able to significantly reduce the administrative workload and streamline processes.

4. Fast customer registration

According to a study by FICO, the digital leader in economic decision-making in Mexico, 40% of customers skip the registration process when applying for a new bank account.

When it comes to acquiring new customers, it is important that the process be fast. This is where biometric technology helps in banking.

With fingerprint or iris scanning, customers can quickly verify if they are who they say they are and start using your services right away.

In which Latin American countries are biometric payments currently used and with what services?

Definitely, Mexico is the most developed country when it comes to using face payments. In the case of the mentioned country, Services like Uber, Beat, Cabify, Rappi, and Globo already have biometric payments.

People who request one of these services just have to wait for a pizza to arrive, for example, and when the delivery man arrives at the user’s home,the app enters a mobile phone app to be able to scan the consumer’s face and check if it’s really who it says it is and if their connected cards are the same.

Same goes for Uber, Cabify or Beat. If the user has a card connected to the application before, it respects the passenger journey and the driver, just scan the face and get paid.

Finally, in countries such as Peru, Chile, Colombia, Argentina or Brazil, biometric payment technology is not yet available.

The main problem that it is not applied regionally lies in the devices, because having them on the street (supermarkets, stores, subways, among others) is expensive, as is applying them to mobile phones. And sometimes it’s dangerous because of the insecurity in certain places where cell phones are stolen.

On the other hand, with POS or QR code, there is still a lack of development due to their cost or lack of devices that are easy to find in different parts of a city or country.

“The downside is the lack of technology for many countries in the Latin American region.” Aguilar finishes.