Biometric payment technologies use biometric data such as fingerprints, facial recognition, or voice recognition to authenticate payments. Benefits include enhanced security and convenience.
The impact of these technologies on the payment processing industry is significant, as they can greatly improve efficiency, security, and convenience for businesses and consumers. However, there are also challenges to implementing these technologies, including the need for infrastructure updates, user adoption, and regulatory compliance. Despite these challenges, the future of payment processing looks promising with the emergence of these new technologies.