The initiative, developed within the framework of ICT4V, a technology center committed to the promotion and development of innovation through ICT in all sectors of activity, aims to explore and evaluate the feasibility of biometric payments in today’s financial environment. This collaboration between the business sector and academic institutions seeks not only to improve the efficiency and security of financial transactions, but also to offer new options that adapt to the needs and preferences of users.
The proof of concept carried out in this project involves virtualizing the use of cards and other physical tokens, enabling their use through a biometric authentication system. This means that users will be able to make payments using unique features of their biometrics, such as fingerprints, rather than relying on physical cards or passwords.
"One of the most interesting aspects of this project is the result of a survey of 187 people, where 55% expressed their preference for authenticating with fingerprints." stood out:
This finding demonstrates the acceptance and usability of biometric authentication among users, which reinforces the relevance of this technology in the future of payments.
In addition to being a significant technological achievement, Carolina Bula emphasizes that "this project has also been an invaluable educational experience for us. We had the opportunity to work in a real professional environment, collaborating closely with Evertec experts and acquiring practical skills that will be useful in our professional careers".
The biometric payments project led by Evertec and Universidad ORT Uruguay represents an exciting step forward in the financial industry.
Carolina Hoyos, states that "the collaboration between universities and business sector is very relevant because students want to acquire new knowledge and skills that they can develop with companies and companies require resources to carry out new proposals, by joining forces we become the innovation laboratory that both institutions need. For Evertec it is the opportunity to transform the future where payments are more secure, efficient, and convenient for everyone".
The collaboration between Evertec and Universidad ORT Uruguay does not end here. Both institutions are committed to continue exploring new opportunities in the field of biometric payments, with additional projects already under development. These include a partnership with the Catholic University of Uruguay to develop a loyalty and points application for small merchants, as well as the development of an innovative biometric authentication algorithm using the cell phone biometric reader, with students from ORT University.