The aim to tighten security within the payments industry is well under way with Visa Australia at the forefront. Several years ago they abolished signatures and now it looks like the not-so-trusty PIN number is the next to go.
Visa Australia is claiming new technologies seen already on mobile devices such as Apple Pay will soon be implemented throughout the world allowing us to pay for items simply by using our thumbprint, retina or even voice.
Rob Wallis, head of product at Visa Australia told The Sun “Industry research suggests eight out of ten people are using the same PIN across a majority of their payment cards. In 2020, the average consumer will have more than 200 passwords to remember”.
With people advised to use different passwords for each login, the concept of using your body as verification could completely change the way we spend money throughout the world.
This means that ID verification will be more important than ever before. Here at CIS we can supply cutting edge technology for KYC (Know you customer) ID and age verification so you know that your business is ready for the future.