Biometric Payment System Coming To India
As India continues with its cash crisis, it's been recently suggested that within the next few short years we could see ATMs become redundant in the region there. A lot of that is thanks to the steady growth in mobile phone transactions. They are experiencing a major disruption as of late for many of the citizens there who are scrambling to get rid of their cash. Still, roughly 85 percent of the transactions taking place are in cash. But it's estimated that could drastically change in a few years time.
Because of the crackdown on cash, it has boosted popularity in pushing more people toward embracing mobile phone payment systems.
The infrastructure for a cashless economy is there, with the many millions of people who are already using the system. The suggestion that ATMs in the region might become irrelevant within just a few years time, was made at the 2017 Jaipur Literature Festival which took place recently.
It's also expected that as soon as the major telecommunication companies get behind the digital banking, that the cashless economy will show a surge in growth as a result. But some aren't so optimistic that it will only be a few short years and expect that it still might be quite awhile before the cashless economy becomes a realization.
What's Even More Interesting...
It's also been recently suggested that the country could also eliminate credit cards, debit cards, and ATMs, by switching to a biometric payment system. They suggest that electronic payments, by 2020, might be made completely redundant.
and the only thing that will be needed for a transaction is the scan of an eyeball or a finger
One government official, Amitabh Kant, said that each citizen will be their own walking ATM. And he described the event as the "biggest technological leapfrogging" in the history of mankind. The head of the State Bank of India also reiterated Kant's sentiments on seeing the plan come to fulfillment.
Currently the Indian government is allegedly testing a payment app that uses biometric data.
Pics:
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http://money.cnn.com/2017/01/19/technology/india-cash-biometric-payments-davos/
Not sure I like the thought of biometric payments
Upvoted and tweeted. Great piece. Thanks for sharing. Stephen
https://twitter.com/StephenPKendal/status/823110759735500800
yes, we expect within 4-6 months we shall make payment with our AADHAR card & fingerprints in 100% safely. Now BHIM app is available to make payment via AADHAR & fingerprint.
ref : https://champonec1.com/aadhar-payment-app-download-install-merchants-customers/
https://thetechpert.com/pay-using-aadhaar-card/
As though India doesn't already have enough problems with organ theft now we can include eyeballs and fingers?
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It sounds to me like we are heading toward the prophecies in the book of Revelation. Especially if the governments try to implement a chip or a tattoo that can be scanned for our financial information.
This is just another step towards creating a global digital only currency. The WEF Forum in Davos was talking about this, and how they prefer to move towards a digital only currency. I think using bio metrics is a bad idea because if someone steals your data there is no way to get a new set of fingerprints, etc. This would make identity theft far worse than changing your cards or getting a new social security number with a pin.
My concern, as always, is around the sustainability of security. Biometrics are not foolproof. I think once organized criminals find a scalable means to commit ATM fraud with counterfeit biometric credentials, the game and expectations/sentiment will change.
More and more security. Of course, the idea of someone cutting off my thumb or poking out my eye to access my tech isn't appealing.
Also, someone posted just the other day that there was a case where the judge said that it was permissible to force someone to use their fingerprint to open their phone. If the cop ordered them to do so, they had to do it. This was based on the idea that the fingerprint is not information. You cannot force someone to give up information from their brain, but you can force it from their fingerprint. I'll stick with passwords/phrases for now, I think.
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