Do you know $24.26 Billion was lost due to worldwide credit card payment fraud in the year 2018? As a matter of fact, retailers incur $580.5 million in debit card fraud losses and spend $6.47 Billion each year on debit and credit card fraud prevention. If we are to consider these alarming stats as mentioned here, it goes without saying that biometrics protected security is the kind of messiah the payment industry needs.
Combating fraud is the biggest concern for the payment industry worldwide. This is where the role and significance of biometrics come into play. Here’s how the phenomenon is impacting payment industry with each of these benefits and beyond.
Sthaler is an early stage identity and payments technology business which enables a consumer to identify themselves and pay using just their finger at retail points of sale. 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.