Started by a young visionary, the company’s innovations quickly came to define the century, its name adorned countless household technologies and its newest advances are poised to set the stage for a revolution in payments security. No, we’re not talking about Apple.
That innovator is William Henry Merrill, and that century was the 1900s. The electrical engineer founded safety consulting and certification specialist UL in 1894, and since then, the Illinois-based organization has grown to become a leader in developing innovative technologies, whether it’s the tin-clad fire doors of year’s past or the biometric solutions that are shaping commerce today.
UL’s latest contribution to the future of payments has been accomplished through its three years of work with National Security, a French biometrics company that has created a commercially viable biometric technology solution for the point of sale.
The move positions UL and National Security at the forefront of an industry that is expected to expand by 140 percent to reach $12 billion in revenue over the next five years, potentially transforming online, mobile and in-store commerce by increasing the speed of transactions in the process.
Still, arguments can be made that biometric use at the point of sale will remain limited. Why does UL believe the market is right for biometrics, and how did it successfully ensure biometric payments will be ready for all parts of the payment process?
We preview UL’s latest transaction security case study to reveal more.
Why The Time Is Now For Biometrics
Consumer concerns regarding identity theft and violence are on the rise, and the solution according to many is a viable biometrics payment solution. Reports show that there is already strong demand in the U.S. and Asian markets for such products, and major research outlets such as Frost & Sullivanhave put their support behind the technology.
UL’s case study elaborates on the benefits illustrating how biometric data has been developed to be harder for hackers to infiltrate and compliant with EMV security standards.
Developing The Technology
UL’s work to ensure biometrics will remove friction at the POS has been extensive. For example, its latest case study profiles how UL developed the underlying technology to overcome challenges and work in harmony with wireless technologies such as bluetooth and Wi-Fi. Further, it explains how UL assessed the human health impact of National Security’s biometric solutions.
How Biometric POS Solutions Became Market-Ready, 2013, October 17, Retrieved from http://www.pymnts.com/briefing-room/security-and-risk/Playmakers/2013/How-Biometric-POS-Solutions-Became-Market-Ready/.