In an era of rapid change in the world of financial technology, bioacquiring stands out as one of the most promising innovations. This technology, which uses biometrics to authenticate users for payments, opens new horizons for convenience and security. However, despite the obvious benefits, the implementation of bioacquiring faces a number of challenges.

What is bioacquiring?

Bioacquiring is a system that uses biometrics such as customer photos to make payments. The process starts by taking a photo at a bio terminal, which is then passed through a biometric system to recognise and identify the user. Payment is then made through a linked bank card or Quick Payment System (QPS) account.

For customers, the process of implementing bioacquiring requires initial steps: biometric data must be provided at a bank branch or MFC, after which the data is entered into the Unified Biometric System (UBS). The next step is to link the payment instrument to the biometrics via the bank’s mobile application.

Benefits for consumers

One of the main advantages of bioacquiring is convenience. Customers no longer need to take out their card or mobile device to pay. A vivid example of the successful application of this technology was the introduction of bioacquiring in the Kazan metro, where more than 15 thousand passengers used this service in a short period of time. This allows people to save time and makes the payment process smoother.

Benefits for business

For businesses, bioacquiring also offers many benefits. The Biometric Services Platform (BSP) being developed by the NSPC not only simplifies payment transactions, but also opens up opportunities for non-financial transactions. For example, biometrics can be used to determine age or in access control systems. In the future, this technology could simplify the authorisation of carsharing users, allowing customers to confirm their identity by simply scanning their face.

In addition, mandatory identification of citizens using biometrics to obtain microloans could significantly simplify the lending process, ensuring a high level of security and minimising fraud risks.

Implementation process

Despite all the advantages, there are challenges to implementing bioacquiring. One of the main challenges is the need to ensure the security and protection of biometric data. Given the high risks of cyber-attacks and data breaches, companies must develop reliable mechanisms to protect user data.

In addition, legislative and regulatory aspects related to the use of biometrics need to be considered. Regulators may impose strict requirements for processing and storing biometric data, which may complicate the process of technology integration.

Bioacquiring can be considered a significant step forward in the development of financial technology, offering convenience and security for both consumers and businesses. However, successful implementation of this technology requires careful consideration of security and compliance issues. It is important that companies recognise the potential of bio-acquiring and prepare for the challenges that may arise.