VISA, an American Multinational Payment services corporation supporting the business of electronic funds transfer has stated that its payments will become password free in next five years- all thanks due to the innovation in authentication and anti-fraud technologies.
“As financial institutions are sharing 10 times more data with each other these days, artificial intelligence technology is making the fraud detection faster and precise”, said Axel Boye- Moller, Head of Product Development, Visa.
Axel adds that in the near future as the technologies related to AI and Biometric further mature, legacy verification methods like typing-in passwords will get eliminated.
While giving an interview to a popular technology based website- ZDNet, Boye- Moller added that the evolution of mobile technology will surely pave way for increasing usage of biometrics in mobile hardware; thus, helping banks and other service providers’ roll out mobile payment solutions which are customer friendly and cost-effective.
However, there’s still a lot of ground to cover to do-off with passwords on a permanent note says Axel Boye- Moller. As more and more security layers will be required to drive a more secure and convenient solution.
In the last 4 years, Visa is said to have witnessed a two-third reduction in frauds which is 0.1% of Visa’s business volume.
Predicting his vision on a cashless society, Axel says that going cashless will be a distant dream still. But seeing a decline in cash payments might continue if customers start trusting new digital or E-Payment services entirely. And for the financial services companies to win the trust, presenting their customers with a secure and more convenient payment mode will be an only option left to them.
