RFID Technology In Banks And Financial Institutions

RFID or Radio Frequency Identification is a security system that allows objects to be identified and tracked using electromagnetic fields. RFID technology is used in banks and financial institutions for identity verification, identity theft protection, biometric authentication. These solutions ensure best-in-class security and are beneficial in helping customers to protect their money while also allowing banks and financial institutions to manage their assets.

RFID technology provides biometric capabilities in banks and financial institutions, a revolutionary form of identity verification that prevents theft of customer credit card identities. In addition, credit and debit cards embedded with RFID chips speed up the retail payment experience. People no longer need to wait for the cashier to swipe their card, enter their PIN, wait for authentication to be activated and for the payment to be completed, among other steps. With RFID-chipped cards, end-users can tap their bank cards at the payment machine and the entire authentication process is completed in less than a second