Daily Review: Defining the Future of Payments, Visa Bets on Biometrics

The biometrics market is expected to experience a substantial growth over the coming years. Some estimates suggest that by 2020, global mobile biometric market revenues will reach $34.6 billion annually. Mobile technology is believed to become a major force in accelerating the adoption of biometrics. More than 800 million biometrically enabled transactions will be completed annually on mobile devices by 2020, generating nearly $7 billion in annual biometric authentication revenue.

To embrace the opportunity and meet ever-increasing consumer expectations from online and offline experiences, Visa makes biometrics the centerpiece of the future of payments.

Biometrics centerpiece of Visa's new security roadmap

  • Visa shared its new security roadmap, focusing initially on biometrics, with Joe Cunningham, Head of Risk for Asia Pacific at Visa, touting the technology as having an important place in the future of payments.
  • Cunningham said biometrics are now at a point where Visa and its ecosystem of banks, merchants, FinTech firms, service providers, law enforcement, and cardholders feel comfortable supporting it, as he said certain forms of biometrics have reached a stable and secure level.
  • "We always expected biometrics to get to a point where they would play an important role in payments, in fact, we expected biometrics to play an important role in our lives as we go about our day-to-day business whether it's accessing buildings, our car, or an online service," he said. "So there's no surprise that payments have been front and center when it comes to biometric adoption. Everyone thinks of biometrics when they think about payments in the future."
  • In addition to biometrics being the immediate focus of Visa, its 2017 priorities also include educating the ecosystem on 3D Secure version 2.0, and to speed up the use of tokenization.
  • "The vision over the long term for security is to completely eliminate all sensitive data from the ecosystem," Cunningham said.

Read more.

Square is unleashing crypto onto more of its Cash App users

  • Square is increasing the number of people eligible to buy and sell Bitcoin on its Cash App.
  • The company has been running a trial on Cash App that has allowed a small number of users to purchase Bitcoin. In mid-November, Square said it added the feature to Cash App because users asked for it.
  • "We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system, and we're excited to learn more here," the company said.

Read more.

Google Tez Hits 12 Million Downloads In India, Introduces Bill Payment Feature

  • Google Tez now has over 12 Million active users in India.
  • Google has released a new feature to the Tez app. The company has added a new bill payment system to the Google Tez app. The app now supports bill payments for Tata Power, Airtel, ACT, DishTV, DoCoMo, and other utility providers.
  • The app can also fetch all unpaid bills from a biller. At launch, it will support over 70 billers, including national and state electricity providers, gas and water, and DTH recharge.

Read more to explore the whole list of Google Tez features.

Trulioo Recognized As a Global Leader in Digital Identity Verification

  • Trulioo, the leading global identity verification provider, has been recognized as the global identity verification leader in a recent comprehensive report called Digital ID Verification – Competitive Analysis of Key Players, published by Let’s Talk Payments (LTP).
  • We’re very excited to be ranked #1 for our global identity verification coverage, said Stephen Ufford, CEO of Trulioo. In today’s borderless digital world, it’s crucial that businesses have access to a breadth of reliable data for electronic identity verification (eIDV) services in order to reduce fraud and mitigate risk, and effectively build a layer of trust online.
  • The report includes an overview of the RegTech industry with a particular focus on electronic identity verification (eIDV), the cost of identity fraud, and how regulations are affecting banks and financial institutions that are tasked with meeting Know Your Customer (KYC) requirements while providing a positive customer experience. In order to meet these ever-changing requirements, financial institutions are leveraging the latest technologies, including automation, machine learning, biometrics, blockchain, and artificial intelligence to deliver frictionless identity verification services.

Download the report here.