Biometric technology is enjoying a surge of interest from the payment industry in the wake of this year’s Money20/20 conference.
Reporting on conference trends, Investorideas.com asserts that “biometric technology was a key topic in many of the panel sessions,” and was “incorporated into many of the exhibiting technologies.” The investment news source also highlights technologies like NXT-ID’s Wocket, a secure payment card combining PIN- and voice recognition-based authentication via the company’s VoiceMatch technology – a payment system using advanced security to compete against the rise of mPayment platforms like Apple Pay, which also relies on biometric authentication, albeit in the form of fingerprint scanning.
Of course, a wide diversity of other biometric systems was on display at Money20/20, and in moderating the panel ‘Biometric Identity & its Applications in Financial Services & Payments‘, FindBiometrics President Peter O’Neill was keen to highlight the diversity of interests now coming into play. “All the big players are now involved,” he told the audience, pointing to “Apple, Microsoft, Samsung, Google, MasterCard, USAA, Toyota, Visa, Facebook, Ford, General Motors, TD, Scotia, Royal, CIBC, Alibaba, Qualcomm, PayPal, Intel, and on and on and on.”
He also noted that mobile integrations are increasingly important, asserting, “The world’s most prominent mobile concerns have biometrically enabled M-payment platforms,” and pointing to the likes of Apple Pay, Samsung Pay, and so on; “major payment networks,” he said, “have integrated biometrics into their offerings and banks have embraced biometrics for phone, mobile and ATM banking.” Indeed, and the applications aren’t restricted to biometric authentication on mobile devices; banks are now increasingly integrating more convenient authentication systems like voice recognition into their call center systems, allowing customers to be identified passively as they speak.
Looking forward, O’Neill asserted that “as the public yearns for a better, more convenient and secure way forward – almost every bank retailer and credit card company is looking at how to incorporate biometrics into their future.”
November 6, 2015 – by Alex Perala