Digital Payment is going through a revolution, with a variety of digital disruptors from fintechs to social media companies all looking to play in the space, the use of technology has become a standard necessity in the banking and payments world.
Within this new digital paradigm banking services are experiencing a profound transformation, putting the customer experience at the centre of innovations by leveraging new technologies such as, mobile payments, biometrics, and artificial intelligence.
At the same time banks and payments providers are also continuously looking to improve trust, security, and convenience. Digital banking is being reshaped by multiple new regulations which are enforcing strong authentication and risk assessment, to secure the customer’s identity.
Speaking on the side-lines of the recent Seamless Africa conference in Cape Town, Fabrice Grenier, the Field Marketing Manager for Banking and Payment in Africa for Gemalto, discussed how Gemalto is addressing these challenges in the banking and payments space, with new technologies that will help bring a seamless and practical experience to customers.
Authentication is always going to be a key concern in payments security. There is a constant struggle between security and convenience when it comes to payments. It is essential that customer authentication is easy and convenient while still remaining secure.
According to Gemalto, one of keys to solving this challenge will be biometrics. The advantage of biometrics is the fact it relies on ‘who you are’ rather than ‘what you know’. This offers a higher level of security and a more seamless user experience. By combining biometrics with other emerging technology such as NFC it is possible to make the payments process one simple step.
For example, Gemalto has a new EMV contactless card equipped with a fingerprint scanner, removing the need to type in a PIN code at the Point of Sale terminal.
The customer simply presents their card and while the card details are relayed by NFC, the transaction is authorised with the customer’s fingerprint, all in one motion.
Gemalto is also using biometrics in other ways such as ‘selfie’ based ID verification and electronic ‘Know Your Customer’ solutions which enable banks to on-board customers online, without the need to visit a branch.
In the past every new layer of security would make the payments process more cumbersome for the consumer, but with new technology it is possible to make banking and payments increasingly secure and easier than ever.
