Pros and Cons of each payment technology can be used in India Research Paper

Pros and Cons of each payment technology can be used in India - Research Paper Example s the fingerprints of a person and utilizes the trace to gain accessibility to individuals’ funds stored in a bank or a specific financial institution. One unique feature with biometric systems is that it does not require the use passwords because the system uses traces of fingerprints stored in their database to execute the operation. The biometric systems have a high level of accuracy since it does not use physical passwords thus more accurate. Besides, such systems are less susceptible to fraud since it is inaccessible by the second person. Moreover, biometric systems are more secure due to their use of advanced scanners that intercept the image making it more distinct from the finger print of another person making quite untraceable (Maltoni et al 303). Biometric systems are more reliable since a person ever moves around with his hands and has minimal chances of losing the confidentiality as compared to pin numbers, which can be forgotten or misplaced. Moreover, biometric systems offer mobility because the fingerprints are different and have same dermal ridge for sensing hence applied at any place accessible by the system (Maltoni et al 303). Although biometric systems provide positive merits to the organization, any institution planning such set up must be ready to face high costs of installation. This is attributed by the fact that biometrics cannot run as an independent system and must be supported by additional storage. Such integrations obviously incur additional expenditure to the organization. Moreover, it calls for further training cost for the employees in order to embrace the system, and this reduces the cost of productivity in the end. Consequently, implementation of such systems are faced by a lot of negativity since not many people are willing to disclose their biological traits while assuming that such disclosure are often associated to criminal contexts (Komarinski 3). Other than the biometric systems, MasterCard also part of the leading