Imagine!! Being able to pay using your Finger | Say bye to Smartphones - TheNextSpy

If you ever think that you can pay using your finger?? Here is a new way. In the Digital transformation age, we all are leading to an era of Cashless transactions. Smartphones are being developed in a way to solve this problem of being cashless. But hereafter there is no use of mobile phones to pay. New technology has emerged which will soon exist.

In this blog, I will explain about How this new technology is used?? and also some of the outcomes of card transaction and UPI transaction.

First, let us discuss the outcomes of card and UPI transactions. So that we can get a clear view of this new technology Fingopay.

Outcomes of Card and UPI transaction

Before the emerging of Smartphones, card transaction is the more common way transaction which is done by people to go cashless. Later due to the rapid development of digital transformation and Smartphone evolution A new way of the transaction has emerged that is typically called the UPI(Unified Payment Interface). This new transaction has rapid growth in the short term. Almost nearly One-third of mobile users are using this UPI service. This created the people to go cashless even easier. This paves the way for some of the major platforms such as Paytm, Phonepe, and Google Pay to emerge in the market.

But this also has some of the Major outcomes such as

  • Remembering of various pins is a tedious way for grandparents.
  • Today, Various banks are out there. So each user will hold At least three bank accounts such as Salary account, Savings account, etc.
  • Also, Some times the Card swiping machine sucks due to network or server problems.
  • UPI also creates some of the easier ways for hackers to steal money from users by Phishing attacks and fraudulent calls.

Fingopay

Whether anyone aware of this term?? Fingopay

The new technology was developed by a company named Fingopay. The main aim of the company to go cashless moreover the user does not need to carry any of the things like smartphones, Credit and Debit cards. Since Fingopay is the leader in Fingerprint technology. The Company thrives in developing future innovation. In simple words, we can say the only need is your finger. This Company uses Hitachi Vein ID technology.

How this Works?

The current fingerprint sensor that we are using today is based on Optical sensor. This sensor captures a high-quality image of the finger and map with ridges and creates a unique personal code with O's and 1's.
The new technology is based upon the Veins of the finger. Since everyone holds a unique Vein structure. For scanning your Finger Vein structure A new dedicated device is used. Which uses Harmless Infrared light to scan your vein. The Scanned Vein ID is encrypted with the digital key. The Digital Key is stored securely in a cloud database.

Security Level

Currently what fingerprint technology we used is vulnerable to various aspects. A few months back a hacker Reprint the fingerprint on the iPhone and easily penetrate the system. So current fingerprint technology is Vulnerable. But this Vein ID technology is somewhat complex for hackers to hack. Since it is a new technology It would take time to find ways to hack. But the Vein ID data is stored in a cloud Database So it is less secure. Because most of the cloud security is questioned nowadays After the Capital Data breach. Only the misconfiguration of the firewall leads the company into a breach.

How to avail of this service?

This service is pretty much simple to avail
  • Sign up in Fingopay.
  • Enter the details.
  • Add payment cards.
  • Scan finger at Fingopay Kiosk.
  • You are Ready.
  • But currently, this service is not yet available in all stores. In the future, it will be extended.
Advantages
  • High-security level.
  • Easy to use.
Comment your opinion.

Any Queries feel free to contact at : admin@thenextspy.com

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