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Biometrics Making Transaction Faster and Convenient
Mar 23, 2006
The biometric technology is growing in popularity in buying and selling transactions. It involves registering one’s fingerprint and bank account with a service provider, which is referred when the customer uses his finger to process his payment.
Soon one will not have to carry countless cards and pieces of information to verify his personal identification. Instead the strength of biometrics that uses patterns that are unique to each individual would be in force. It will be the people themselves, their fingerprints which belong to them alone, that will never be lost will, suffice.
Albertson, the No.2 supermarket chain is one of the many retailers who have adopted the biometric technology to function their payment system. It works simple: the person has to register his fingerprint and his bank account with a service provider and the customer pays for his purchases with a mere touch of his finger. The customer at a participating merchant has to just swipe his finger and the payment is automatically transferred from his bank to the merchant. No card, signature on receipt or punch in PIN is required.
The technology is also convenient where international travel is involved. In this high-tech personal identification, the Department of State has launched a plan to introduce electronic passports that has chips that store the usual personal information along with a digital photo, which enables biometric comparison via facial recognition at the international borders.
RNCOS in its recently published market research report named “World Biometric Market Outlook (2005-2008)” predicts “biometrics technology is being increasingly preferred around the world for access control or personal identification. Further, the global biometrics market is expected to reach a peak of $4.6 billion in 2008, up from $719 million in 2003.”
The report ”World Biometric Market Outlook (2005-2008)” also gives a three year revenue forecast of the worldwide Biometric market which helps to form an idea of the competitive landscape of this industry over 2008.
The market research report will help readers to analyze the opportunities significant to the success of the growing Biometric market globally. It also examines the key application areas in different industries like Banking and Financial services, Health care industry, Aviation industry, Stock Exchanges, Universities and Schools, Police Business processes, Residential locations, Government organizations and Credit Monitoring organizations. The report contains profiles of top 19 players across the world including Entrust Inc., Doan Inc., International Biometric group and Cognate Systems.
For more information visit: http://www.rncos.com/Report/Biotech15.htm
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