May 10, 2015
Everybody knows about biometric authentication from the movies - the grand heist, the safe locker with retina scan and fingerprint auth. Well, a lot of that sci-fi stuff is now a reality. The market size for Biometrics is expected to reach $24.59 Bn in the next six years, according to Grand View Research. This is attributed to numerous organizations adopting biometric technology for additional security. Moreover, there is increasing demand in consumer electronics to enhance the customer experience which is further expected to drive the biometrics technology market over the next six years.
According to Biometrics Research Group, mobile commerce adoption will accelerate due to the impending wide-scale integration of biometric technology into the smartphone. Apple’s implementation of the Touch ID fingerprint sensor in the iPhone 5s brought with it a renewed interest in biometric technology. Here are some companies that are doing some interesting work with biometric payments and authentication.
It is estimated that the Electronic Access Control Market will reach $16.3 billion by 2017 and is increasing at a CAGR of 7% according to Reportlinker.com. On December 2nd 2013, Zwipe launched a biometric access card using fingerprint touch sensors with the help of a firm called Fingerprint Cards. The new card is ISO 14443 compliant and is multi-functional.
This is a video that shows you what Zwipe is all about:
When paying with a registered Teasy wallet, the merchant keys in the amount of the desired transaction type — purchase, deposit, withdrawal, etc — on the POS terminal. The customer taps the phone on the POS, followed by entering a PIN and it’s done. Biometric data can be used as an extra [know your customer] requirement for certain transaction values.
We are very excited with the market opportunity this solution will bring us. We believe that, while the market is growing quickly for mobile wallets, we will be able to roll out a mixture of point of sale and mobile wallet technology, thus capturing all points at which the customer will transact, said Teasy’s Musa Ali Baba. VeriFone Mobile Money has provided a very advanced yet easy-to-use solution to Teasy that will add value to the Nigeria Cashless Vision and allow for alternative and easier ways to make payments benefiting Nigeria and the industry as a whole, and we are very excited to enter into this partnership, he added.
The PayPal app will allow Gear 2 owners to check-in to pay at local stores, save and redeem offers and receive payment notifications while on the go.
PulseWallet, an Electronic transaction POS provider, demonstrated its innovative cardless POS solution at CES (Consumer Electronics Show) international between the 7th and 10th of January 2014 in Las Vegas. Its solution already enables users to pay for products with just their finger but the problem with that setup is that the fingerprints can potentially be lifted, according to the company.
Now PulseWallet is converting to a more secure biometric technology that combines data on palm vein patterns with fingerprint data from three fingers. PulseWallet partnered with Fujitsu Frontech to make use of their PalmSecure biometric technology. The integrated PalmSecure vein imaging technology allows merchants to provide a secure payment option, whilst giving users an all-in-one payment system for them to access via their eWallets.</li> </ul>
After the customer visits a store once, he can register his palm and link it to the credit card of his choosing.
YC backed startup PayTango, seeks to enable customers to pay via Fingerprint Scan. PayTango was Co-Founded by 4 Carnegie Mellon University graduates – Brian Groudan, Kelly Lau-Kee, Umang Patel (CEO) and Christian Reyes – in August 2012. The company has received a total funding of $700K through investors Y-Combinator and Andreessen Horowitz in Seed Round.
PayTango’s system links a form of payment such as debit or credit card, to a user’s fingerprint. The user will then have to only place the index finger and middle finger on the biometric fingerprint scanner to make payment. The software immediately recognizes the user.</li> </ul>
In October 2013, Danal, a Korean service provider, developed a fingerprint technology based payment system. Danal partnered with the fingerprint technologies of Crucialtec to create the BarTong. It utilizes Fingerprint Cards capacitive fingerprint sensor FPC 1080. CrucialTec is one of Fingerprint Cards’ module partners but they also work with DreamTech, LiteOn, Parteon and Fujikura among others.
The technology has been loaded onto Pantech’s VEGA LTE-A smartphone. For consumers to use the feature they will have to download an app called BarTong. This will enable the phone to work as a debit card or simple cash in case of convenient stores. The four-digit pin is no longer required.
Danal had introduced ‘Bartong’ barcode payment, in early March 2011, where users could easily and quickly generate a barcode. A merchant with access to a standard barcode scanner could use this to process a payment quickly and easily. At the point of sale, a user did not have to bring their credit card or cash to make a purchase.</li> </ul>
Nobody wants to be left behind: