FingerPal: Biometric Payment System: Leading Biometric Payment Industry

The report attempts to examine the potential of biometric-based payment method in retail transactions. Recent studies show consumers' acceptance to new methods of payment and a need for innovation. Biometrics industry is experiencing a steady growth and is becoming more technologically advanced, the cost of fingerprint-enabled devices is dropping. Therefore, the report gives insights into the business and technical aspects related to the successful development and implementation of biometric payment solutions on the market. The report provides an extensive market research of the biometric industry and further provides details of the size of the financial sector of biometric market and its forecasts, the analysis of competitors and SWOT analysis. The project focuses on fingerprint based payment as most mature form of biometric identification. The technology chapter gives an in-depth analysis of factors such as security, accuracy, technology requirements and deployment of the system. The report contains a detailed description of the payment process starting from the biometric data capture through their verification with the samples stored in database, to bank account approval.