KARACHI: In ATMs iris will become pin code. Information Telecommunication Technology Revolution in the banking and payment system is knocking that would finish the concept of plastic money and transaction will be made in a blink.
For the transactions out of sight ATM (Automated Teller Machine)’s eyes iris will be used as identity and pin code also will be used.
According to the report of British Journal this change has been a test of America’s Citigroup however not at all any confirmed date was given for providing this technology to users.
The human eye blinds the eye ( Retina ) of the transactions normally be completed in less time than doubled. Common transaction is completed in 45 seconds while through the Retina transaction will be finished in just 15 seconds.
On contract with this valuable technology American Citigroup has been commenced work. Cash machines equipped with this technology joined with the company Diebold company headquartered in New York Citigroup of 30 users have been on trial.
Except it JP Morgan Chase and Bank of America are also working on likewise technology. Using the iris as an ATM (Automated Teller Machine) PIN code to operate the mobile phone application will also be used in innovative methods.
For taking out the needed amount out of sight ATM (Automated Teller Machine) hereinafter you make identity from your iris then Mobile phone of the amount required by the specific application will be listed.
According to Experts Technology, banking and payment system would radically change scenarios taking out amount from ATM (Automated Teller Machine) will be easy and save.
PIN code of the fraud through theft and fraud cases could be way off. Card stuck in the ATM (Automated Teller Machine) card issuance, renewal and also the safety issue would be solved forever.
It is cleared that in case you lost your ATM (Automated Teller Machine) card so it will be very difficult for you to get another once easily, another harm is that supposing your card is struck into machine so, your precious time is wasted.
While this is not enough those who are inline in behind of you their time is also wasted and the most beneficial thing is this that you are saved out of sight several kinds of frauds.
It is being considered the most secure system. Now let’s see when this feature is going to be announced.
- Posted On: October 30, 2015
- 1842 Views | No Comments