The banking industry today is one of the most important sectors in India due to the role it plays in the daily lives of the steadily increasing working population and their growing disposable incomes that have raised the demand for financial services. Recent studies show that the digital payments system in India has evolved the most among 25 countries, including the UK, China, and Japan.
Biometric identifiers are almost seemingly impossible to replicate and there are several options available when it comes to implementing them – banks could choose multifactor authentication and require users to provide a combination of biometric identifiers to reduce the potential of fraud by a very large margin. Today, banks in India are going to great lengths to use biometrics at its full potential with fingerprints, voice patterns, iris scans, and facial geometry being some of the most widely used biometric parameters.
Sthaler worked with music festival industry to develop a cashless, card-free payment system that was available to everyone. The company developed Fingopay, using VeinID technology, in partnership with Hitachi. Blue Star Capital PLC (LON:BLU) is an investing company with a focus on new technologies. Blue Star’s investments include a 0.9% holding in Sthaler.