Biometrics as Catalyst: FinTech Pulls Away From Banks

The development of biometrics on mobile devices is set to have an outsized impact on mobile wallets and international money transfer. Advances such as fingerprint login, retinal scan, and facial recognition offer a rare opportunity for remittance companies to both combat fraud and improve the user experience.

Mobile wallet transactions alone are expected to reach nearly $1.4 trillion in 2017, growing 32% compared to 2016, and the number of mobile phone users will top 5 billion. Biometrics represents the next major technological advance that will push FinTech past traditional banks.

With the current mobile focus of the remittance industry, it is uniquely positioned to not only ensure money arrives but also to know the identit ...

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