Biometric ATM Market Expected To Create Lucrative Opportunities For The Global Market

Global Biometric ATM Market – Introduction

• A biometric ATM is specifically designed to use biometric authentication technology to identify customers and allow them to withdraw cash safely and securely. A biometric ATM provides strong & accurate authentication and allow users to access their accounts at their convenience.
• A biometric ATM enable customers to conduct financial transactions or withdraw currency after a fruitful finger vein or fingerprint scanner. The biometric authentication technology used generally finger vein print or palm Biometric, even though they may also use other functionalities includes face recognition or iris recognition.

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Need for multi-factor authentication (MFA) driving the global biometric ATM market

• Most organizations have recognized the importance of multi-factor authentication due to the increase in data breaches and fraud attackers, and are beginning to focus on better ways to secure end-user identities. Multi-factor authentication (MFA) requires users to have at least two out of three types of credentials such as PIN number or password; a physical component such as an iPhone or fob; and/or a biometric component such as a fingerprint or voice recognition before gaining access to company data.
• Multi-factor authentication not only improves security, but also enhances the consumers’ productivity and user experience and reduces operational costs. Large as well as small and medium-sized enterprises are adopting multi-factor solutions such as voice, face, retina, and fingerprint recognition to provide an efficient user experience. Therefore, necessity of multi-factor authentication (MFA) is significantly increasing the adoption of biometric ATM worldwide.