Vein mapping: the newest biometric payment method
The future of payment methods seems to be cashless. Even now, mobile payment methods have replaced credit cards, which replaced paper money successfully; however, the future seemingly belongs to a different kind of payment method: biometric authentication.
Biometric authentication and biometric payment methods include using unique human characteristics such as our fingerprint, face, heartbeat, and even our vein mapping.
Since a few years ago, we have been able to use our fingerprints and face mapping to authenticate our identity and make payments. Now, it seems that even our vein mapping is also unique. We can use it to make payments as well.
Why vein mapping?
While paying with credit cards and mobiles is so convenient and time-saving, it can also be risky. Hackers and criminals are constantly discovering new weaknesses of these systems to hack our identities and steal our money. Passwords and PIN codes are also nothing like a secure barrier to safeguard our assets.
The experts have estimated that the card fraud losses alone will soar to $31.67 billion globally in 2020. What is more, millions of people are bound to find their bank accounts suddenly hacked. All of these are the reasons why we drastically need more secure authentication and payment methods. Biometric authentication in this regard stands on the top.
Copying someone’s fingerprint or face mapping already seems to be a nightmare for hackers. The system is currently too secure to be easily hacked unless the hackers can access your fingerprint or face mapping somehow. But the future undoubtedly needs even more strict barriers ahead of smart hackers. Cryptocurrency payments and biometric payment methods like paying by heartbeat and vein mapping technology seem to be extremely secure payment methods we will hear about frequently in the years to come.
How vein mapping works
Scientists say that each person has a unique vein pattern inside their fingers. Although vein mapping is not visible from outside, it can be mapped using infrared lights and special cameras. It can then be used for secure authentication and payments. Customers can link their vein signature to their bank account information. Then, a cloud-based matching system can confirm the payments in seconds.
This is a very fast payment method. We will no longer have to carry wallets, bags, cash, or wait for ATMs. Hackers cannot copy vein mapping. The possibility of this technology being copied is 1 to 1 billion. Also, it needs the person and the finger attached to be alive to work. Therefore, they cannot hack your account even over your dead body.
Customers are not only able to shop using their vein mapping, but they can also submit their membership in places such as gyms, night clubs, and even football grounds. Soon we will see many small scanners in stores that can scan our fingertips in just seconds to complete payments.
The global adoption
A UK biometric startup called Fingopay has already launched this payment system and claims that it is the first of its kind in the world. They have tried their system at several musical venues, and some other places. At Brunel University in London, over 1,000 students signed up to pay in a supermarket using Fingopay’s system.
Fingopay announced last year that they would soon accept all international payment cards, including Visa and Mastercard.
Also, Copenhagen Business School has developed a vein mapping payment system across all of the campuses there. The staff and students there can now pay for drinks and food at the ease of using their fingertips, previously connected to their bank account details.
It appears that the world is gradually accepting vein mapping as a new payment method, along with the previous ones such as fingerprint and face mapping. We need to wait and see if hackers will find a backdoor to crack this already-secure payment method in the future. Until then, scientists may discover even more secure and unique identity authentication methods that will make criminals and hackers more disappointed.
