Enhancing Financial Security and Energy Efficiency: Integrating Biometric Payments with Power System Engineering in India

Abstract

This research explores the integration of biometric payment systems with power system engineering within the Indian financial sector. It aims to understand and optimize this convergence by examining the current state, assessing power consumption patterns, evaluating regulatory compliance, and providing holistic insights. Utilizing a mixed-method approach including qualitative interviews, focus group discussions, and quantitative surveys, the study uncovers variations in biometric adoption rates among financial institutions, highlighting the correlation with power consumption and the necessity for standardized frameworks. The findings underscore the importance of balancing technology adoption, energy efficiency, and data protection. Practical implications include informed decision-making for financial institutions and refined policies for regulatory authorities to foster a secure, efficient, and sustainable payment ecosystem. This research contributes to existing knowledge by offering comprehensive insights and emphasizes the need for energy-efficient strategies and robust regulatory standards. Overall, it advances our understanding of this convergence, paving the way for a more secure and sustainable financial technology landscape in India.