The usage of biometric technology for security and other purposes is swiftly growing, with biometric facial recognition systems leading the way. Therefore, educating yourself as much as possible on its benefits is essential. Here is a detailed study of how facial recognition functions, some advantages it offers, and some purchase advice for you.
Benefits of Biometrics on a POS for MSMEs
Incorporating a biometric-based POS system in the retail sector has a number of significant benefits, which we will examine now.
- Digital Payment is Quick and Secure
The Biometric POS machine is used to increase security and do away with the need for unreliable PIN and card scanning digital payment methods.
- Safeguards Consumers from Card Theft and Cloning
There is always a possibility of card skimming or cloning when using a typical digital payment method like credit or debit cards. Hence, merchants use biometric point-of-sale systems to safeguard customers from card theft and increase customer satisfaction.
- Increased Billing Effectiveness
The biometric point-of-sale system improves billing effectiveness and provides a seamless transaction experience for customers and retailers/merchants.
- Mobility and Flexibility
Biometric POS terminals are transportable, and the device also offers a real-time safe payment mechanism. Furthermore, mobile POS systems (mPOS) are handheld, portable payment terminals that are easy to use anywhere, at any time.
- Breach of Privacy
For facial recognition technology to access saved data on smart devices, numerous permissions are needed. Users’ important private information is exposed as a result, which is particularly detrimental and untrustworthy for users on desktops and mobile devices.
- Unreliable Biometrics Findings
The accuracy of facial recognition is very low. This algorithm’s biases may result in erroneous arrests and judgmental errors.
- How can MSMEs benefit from this feature?
MSME’s can benefit from using the technology in the following ways:
- Employees don’t need to scan their ID cards or fingerprints to clock in or out because the system will detect their arrival and departure and track their hours appropriately.
- Traditional biometric software might be difficult for those with special needs, especially for the visually impaired. The software can significantly increase convenience for those with disabilities because it eliminates the need to physically find the sensor.
- Can customers pay with their faces using Biometrics?
Recently, Mastercard introduced a brand-new facial recognition payment system that enables customers to make purchases using hand or facial movements.
The Future of Facial Recognition for POS
In 2025, the market for facial recognition is anticipated to grow to $8.5 billion. Furthermore, 1.4 billion users worldwide are expected to secure payments using software-based face recognition by 2025, up from just 671 million users in 2020. This shows that facial recognition is obviously the technology of the future, and that people are pleased to use it.
Your KYC procedures may be sped up by utilizing biometric facial recognition solutions for identification and verification. Fortunately, the automated multilayered verification platform from Innoviti offers a biometric identity identification method. Innoviti‘s identity verification system combines biometric facial recognition software with activity recognition to deliver the highest level of accuracy for quicker, more affordable verification.