A private sector bank might soon install ATMs that will help anyone withdraw money by just looking into a biometric iris reader.
According to Hindu Business Line, Development Credit Bank is planning to install eye-scanners in their ATMs that number around 400 across India. The technology has reportedly been developed indigenously by a company called Biomatiques Identification Solutions Pvt Ltd.
A Development Credit Bank branch. Aadhar
The ATMs will be installed in major cities of the country starting with Chennai in the next few months.
Such ATMs will remove the need for an ATM card or PIN. All a customer has to do is peer into the biometric eye-piece and access will be granted.
Of course, such a method also ensures a very high level of security because no two persons can have the same eye.
In use in many countries around the world, iris-scanning is increasingly becoming a preferred mode of identification. One of its widest uses has been in Aadhar cards issuance.
A man helps a Syrian refugee withdraw cash from an ATM equipped iwth an iris-scanner. AFP
The Surat-based Biomatiques is one of the only two companies – and the only Indian company – approved by the government to supply iris scanners in India. South Korea’s IriTech is the other.
An imported iris scanners costs around Rs.1.30 lakh apiece. The indigenous ones cost just Rs.4,500.