Innovations in payment technologies are booming. The electronic card payment in 1986; Chip and Pin in 2003; contactless payment in 2007; wearable devices in 2012; smartphone pay in 2016 and the latest innovation of finger vein payments in 2017.
The innovation of ‘Fingopay’ is the world’s first payment by finger vein biometric technology being tested in UK supermarkets. Fingerprints were found to be vulnerable to being hacked as they can be easily copied from finger smears left on phone screens. Compared to fingerprints, finger veins cannot be stolen or copied and provide the most secure way of recognition today.