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CREDIT CARD PAYMENTS BY
FINGER PRINTS
In 2002, a company called
Thriftway, based in the United States of
America introduced an innovative payment
system for its customers. It was much
simpler and very different and it was
more convenient than the credit card.
However, to use this method the shoppers
had to first sign up with the super
market chain. Then, they could make
payments for their purchases using only
their finger. The system scanned their
finger to obtain their finger print
which was actually used for the
payments.
It is a very inventive
system and a better solution against
fraud because the fingerprints are
obviously unique and therefore credit
card fraud becomes almost impossible.
Once the customer’s finger print is
obtained all the credit cards attached
with their account or profile will be
displayed. The customer can choose which
credit card he would like to use for
that purchase.
After three years, it was
announced by the president of the
supermarket that this system was a big
success and it not only provided
advanced security but also attracted
more consumers. People came from very
far off distances to use this
technology. It is provided the retail
store with a very useful database that
consists of all its customers’ details.
Therefore, when the store started any
new offers or discounts it could be
advertised to all its customers by
sending messages of making calls.
The huge success of the
system was also attributed to the
additional security that was provided by
the use of the biometrics. Many people,
especially senior citizens, used to
store because they didn’t even have to
carry their credit card with them. Also,
after 3 years the store’s president
announced that in 3 years of its use
there was not even one transaction which
was fraudulent. It was a great victory
against fraudsters who use credit card.
When the store was
planning about this system their primary
concern was that, enough customers might
not join and the system, though very
efficient, will fail to make profits for
the company. Therefore, the store had a
sixty day trial and the response was so
overwhelming that they had to make it
permanent immediately. In the world
where people are concerned very much
about the confidentiality of their data,
this scheme was received very well by
the customers, making it a huge success.
This technology’s success
can also be attributed to its reduction
of cost. It saved few cents for each
transaction that was done using the
debit or credit card. This system had a
finger print scanner in the front end
and a database of the registered
customers in the back end. When the
finger print is scanned the record of
the person matching the finger print is
brought forward so that the customer can
then choose which credit card he wants
to use for this transaction. Once the
card is selected the payment will be
made electronically without any further
interaction. Therefore, the customer has
the benefit of not carrying the credit
card also. |
