Integration of Biometrics in Remittance Industry Market Outlook: Ken Research REQUEST FOR SAMPLE REPORT Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit Buy Now Traditionally biometrics has been used for identification in government and law enforcement agencies. Biometrics is considered highly efficient and reliable due to the uniqueness this technology possesses. We can witness a simultaneous increase in both remittance and biometric industry and simultaneously their integration into one single technology has been phenomenal especially with the development of biometrics within smart cards and mobile devices that provide a more secure and convenient method of transferring monetary resources unlike orthodox means of PIN verification. There have been various forms of cross over’s between the remittance market and biometric industry. Some of the forms are fingerprint scanning, retina scanning, and facial recognition among the many with fingerprint scanning currently leading the market segment. Many companies are also investing in the voice recognition technology that could further expand the scope of this industry. Remittance Industry Analysis suggests that global biometric mobile remittance transfers shall hit 1 trillion transactions by 2022 and grow to roughly USD 51.6 Billion in revenue terms with approximately 5.5 Billion devices in use. The impact can be witnessed in the benefits that biometric technology offers in remittance market. Biometric transaction makes the payment more secure since no two people have the same fingerprint, voice or facial features. This feature of enhanced security can motivate people to use digital remittance transfer rather than physical transfer of money. Apart from security, the customers look for convenience associated with a particular transfer mode. In biometric technology there is no need to remember complex passwords or PINs, users require tapping their finger, smiling at the camera or saying a few words that automatically authorize the payment. Biometric technology in remittance industry also saves on time and money. Remittance Market Research Reports reveals that the biometric technology is easy to use, difficult to forge and cost effective since it reduces password administration costs or increases ROI in areas like fraud prevention or time and attendance. There are various factors driving the growth of this industry. Massive capital behind FinTechs is causing innovation in areas especially authentication and security. Increasing demand by customers for newer better payment modes like mobiles, wearable’s, contactless devices has cultivated the need for integration of biometrics with these devices to make the process much more efficient. ICICI bank, one of India’s largest private banks has launched voice based international remittance on its Money2India application. The bank has been able to integrate Apple’s voice assistance Siri with its payment mechanism allowing users to authenticate payments via voice recognition. Mobilis Networks Limited (New Zealand) had launched finger print authentication for international money transfer via mobile phones. Azimo is an online remittance transfer Setup based in London which features biometric verification and in app chatbots to allow quick and easy transfer of money. There are numerous companies working in this domain combining the growth potential of both biometric and remittance industry. Digital biometric remittances can help people everywhere make their lives easier by allowing them to do what they want with their money, more securely, efficiently and affordably. The growth of overall industry will only increase with even governments pushing payment mechanism to digital modes with special emphasis on biometrics in order to improve both convenience and accountability. For more information, click on the link below: https://www.kenresearch.com/tag/banking-financial-services-and-insurance/remittance/177.html Contact Us: Ken Research Ankur Gupta, Head Marketing & Communications sales@kenresearch.com 0124-4230204 Post Views: 2 Tags: Market Research Reports for Remittance, Remittance Business Review, Remittance Industry Analysis, Remittance Industry Research and Market Reports, Remittance Industry Research Report, Remittance Market Research Reports, Remittance Market Research Reports Consulting