VISA payments to become password free in the next Five years


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.

Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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