In connection with our earlier blog, Apple have announced that it is “…allowing Apple Pay merchants to pay card present rates (aka cardholder present) for all transactions consumers make in store using their mobile phones…” (Biometric Update)
This announcement can be attributed to the use of biometrics, combined with NFC and tokenization. Cardholder present rates are considerably lower than card not present, with Apple Pay offering a rate of 1.5 percent for the former, compared to a hefty 2.75 percent for card not present.
As a voice biometrics provider, Voxloc can offer an additional layer of security that can fit between providers and services thereby giving an increased assurance that the identity of the person at the point of sale corresponds to the credit card they are presenting for payment.
The news from Apple shows that biometrics not only offer greater peace of mind concerning fraud and security for individuals and merchants alike, but also have the power to reduce overall costs to companies, a factor which would hopefully feed into the greater shopping and transaction world in the future.