2018 Innovation Name: Biometric Payment Standards
Awards: 14th Most Innovative Company
More mobile devices are coming onto the market with biometrics readers, (e.g. iPhone) enabling you to unlock your phone using your thumbprint. Visa developed new biometric payment standards that now enable you to use this technology to pay securely, by tapping your phone at the terminal, without needing a PIN. When you use your mobile to pay for things in a store, all you need to do is unlock the phone with your thumbprint and tap it at the payment terminal to conduct your transaction.
You no longer have to enter a PIN, because Visa has determined there is sufficient security in your thumbprint to allow your payment to go through. This is particularly exciting when making a transaction over $100. Previously you had to tap your phone and then enter your PIN. Now, with Visa’s new biometric payment standards, no PIN is needed, no matter how much you spend.