A recent survey by MasterCard found that 83 percent of consumers were excited about new secure technologies helping to protect their financial information. The survey also stated that three-fourths (75 percent) of consumers confirmed that they have heard of biometric payments.
Payment fraud rates continue to rise. For years, passwords have been the most widely used tools to protect data and systems. As technology has evolved to a greater extent in recent times, it has been found that passwords can be easily broken. System security professionals agree to the fact that passwords are too weak as an authentication technique. So what are the alternatives? Biometrics, for one, can be used as a replacement for passwords. Biometric authentication is expanding beyond traditional physical security applications, driven by the need for better authentication than passwords and PINs. The various Biometric Modalities are Fingerprint, Vein Pattern Recognition (VPR), Eye Recognition, Voice Recognition and Facial Recognition.
The convergence of these two trends is leading to the development of biometrically authenticated payment products focused initially on the following areas:
– Improving authentication ATM transactions, primarily cash withdrawals
– Improving upon PIN security at retail POS locations
– Adding security to smartphone purchases.
According to the report, Biometrics is expanding to the retail and consumer market to address problems with PIN and password authentication. The market size of the Biometric Industry 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.To cope up with this demand, it is necessary that the biometric solutions are made available across the range of platforms that consumers use.
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. Around 30% of the mobile devices will be using biometric authentication by 2016, according to Gartner. Some of the Biometric-enabled smarphones are Galaxy Note 5 and Galaxy S6 Edge Plus, OnePlus 2, Motorola Atrix , HTC one Max and Apple iPhone 5S, iPhone 6 and 6 Plus.
A recent Unisys Security Index survey suggests that the fear of credit card theft is the number one fear for Americans. The biggest threat to the progress of mobile money is the lack of consumer trust (security).
1. Report Summary
2. Payment Market Trends
3. Biometrics Market Trends
4. Biometric Modalities – Fingerprint, Vein Pattern Recognition (VPR), Eye Recognition, Voice Recognition and Facial Recognition